“When one commodity replaces another, the money commodity always sticks to the hands of some third person,” wrote Karl Marx in Capital, referring to the sheer effort involved. “Circulation sweats money from every pore.” Today, in a moment of rising inflation, job losses, economic uncertainty, and an affordability crisis, capital has to keep us on the treadmill. “Buy now, pay later” (BNPL) companies like Affirm and Klarna have done just that, increasing transactions and keeping our money on the move with flexible financing — whether or not we can afford it.

The loan liaison outlet Lending Tree reported last month that almost half (47 percent) of all BNPL customers missed a payment in the past year. That’s up 13 percentage points from 2024. Moreover, 54 percent of BNPL customers surveyed say they “wouldn’t be able to make ends meet” without these loans. Parents of young kids are using BNPL at the highest rate, with nearly 70 percent of those surveyed from this category having used these platforms. A growing portion of all customers are relying on them for grocery trips. The Consumer Finance Protection Bureau found that loan size and rate of usage are both increasing. The average user took out seven such loans per year in 2023, and we can assume this figure is growing. The Fed reported BNPL services originated $160 billion in consumer purchases for 2025. On Cyber Monday alone, Americans put $1 billion of purchases on BNPL platforms.

Where is all that money being spent? Discretionaries like clothing, shoes, beauty products, and technology items tend to dominate. Right after that, however, are groceries — the fastest growing category. Auto repairs, travel expenses, home decor, and appliances round out the major areas. BNPL, once the realm of Sephora, Ulta, H&M, Gymshark, and Peloton, is undergoing a structural transformation, its use drifting from the realm of wants to more basic needs.