How Buy Now, Pay Later Is Changing Spending Habits—and Why We Need Tools to Track BNPL Debt

Different coloured foam numbers lie in a messy pile

Buy Now, Pay Later (BNPL) loans have rapidly transformed how consumers shop, offering interest-free payment plans at checkout with just a few clicks. For many, it feels like a flexible, no-strings-attached way to manage money. But as BNPL services grow in popularity, so does the risk of accumulating hidden debt that’s scattered across platforms and easy to overlook.

For digital-first consumers—and the small businesses supporting them—this shift calls for one thing: smarter tools to track Buy Now, Pay Later debt before it gets out of hand.

Why is Buy Now, Pay Later Is So Popular?

BNPL services like Klarna, Afterpay, Affirm, and Zip offer instant installment plans with little to no interest and minor credit checks (according to your region). The pitch is simple: break your purchase into manageable chunks without using a credit card. It’s no surprise that younger consumers and budget-conscious shoppers are flocking to BNPL.

But the same simplicity that makes BNPL appealing also makes it dangerously easy to misuse.

The Hidden Risk: Untracked BNPL Debt

Unlike credit card debt, BNPL obligations are often spread out over different apps, without centralized statements. A $30 pair of shoes, $80 in skincare, $120 in home goods—split across four platforms—might not seem like a big deal. But when those payments stack up, it’s easy to lose sight of the total owed.

Because BNPL doesn’t show up on most credit reports or budgeting apps, users often underestimate their actual monthly commitments.

The Growth of BNPL Debt Among Consumers

As of 2024, Australian consumers have an average of 1.8 Buy Now, Pay Later (BNPL) accounts. This indicates that many individuals are managing multiple BNPL services simultaneously. Specifically, 51% of users have one account, 31% have two, 12% have three, and 5% have four or more accounts (Red Search, Buy Now Pay Later Statistics

[2024]) .

While exact figures on the average number of active BNPL loans per person aren’t readily available, the prevalence of multiple accounts suggests that consumers often juggle several BNPL arrangements at once. This fragmentation can make it challenging to keep track of repayment schedules, increasing the risk of missed payments and financial strain.

Given this complexity, tools designed to consolidate and monitor BNPL obligations can be invaluable. By providing a centralized overview of all BNPL commitments, such tools help users maintain financial clarity and avoid potential pitfalls associated with managing multiple payment plans. Without a clear overview, this can lead to missed payments, overdraft fees, and increased financial anxiety.

The Solution: Digital Tools to Track BNPL Payments

This is where BNPL debt tracking tools make a big difference. A simple app or spreadsheet designed to monitor payment plans, due dates, and outstanding balances helps consumers stay organized. Instead of being caught off-guard by automatic withdrawals or late fees, users can see what’s coming and plan accordingly.

Digital products like BNPL trackers not only promote better money habits—they empower users to take control of their finances with ease. You can download your very own pay-in-4 payment tracker from the Lone Shark homepage by signing up to receive emails from us!

Buy Now, Pay Later financing is reshaping the way people manage purchases—but it’s also introducing new challenges. By helping consumers track BNPL payments and stay on top of their spending, we’re not offering a normal consumer product—we’re enhancing awareness of spending habits, clarity, confidence so users can feel more in control of their spending.