In 2022, most Americans are more interested in Buy Now, Pay Later (BNPL) plans than they were before the pandemic.  As the cost of dental and veterinary care continues to rise, fewer people are able to pay their bill up front.  Cash and debit payment options aren’t feasible for a significant portion of the country.  Meanwhile, credit cards charge fees and high interest rates.  Payments get more unmanageable the longer an individual keeps a balance on their card.  

How does Buy Now, Pay Later change that?  BNPL plans offer a longer timeline and flexibility without excessive interest rates.  Fair, fixed rates are among users’ favorite features of a BNPL plan.  Their budgets are so easy to follow, nearly 7 in 10 Americans stick to them without trouble.  For pet parents, the proportion is even higher, at 78%.  More than half of pet owners have already used BNPL to pay for vet services. 

To understand why BNPL is growing in popularity, it’s important to understand the context of rising healthcare costs.  The cost of care is a problem across the board, but it’s especially acute in the dental and veterinary care subfields.  Since dental care is usually covered separately from most health insurance plans, fewer Americans are likely to be insured.  Partially as a result of no or insufficient coverage, 69% of Americans fear they won’t be able to afford their own future dental care costs.  This worry is especially acute among the Generation X age group, or individuals ranging from their early 40s to late 50s in age.  Among pet owners, vet insurance is also extremely low, with only 18% coverage.  66% of pet parents worry about affording future vet costs for their furry friends. 

Healthcare bills of all types tend to take a while to pay off.  40% of Americans take a month or longer to fully pay off a trip to the dentist.  For pet parents facing vet visits, that number is 49%, or nearly half.  Why would someone use a high interest option like credit when they have the option to get a BNPL plan?  Nowadays, most people know BNPL is an option available to them.  2 in 3 Americans are familiar with BNPL as an alternative to credit, debit, or cash.  71% of Americans who visit the dentist frequently would choose to use BNPL over traditional payment methods.  As costs keep rising, Americans need new options.