A Better Approach to ‘Buy Now, Pay Later’

Fashion brands were some of the earliest and most enthusiastic supporters of the “buy now, pay later” concept, which allows customers to split up payments over weeks or months. For retailers, the payment option drew in a whole new class of consumers, especially young shoppers who didn’t have credit cards or savings.

Now the bill is coming due.

A growing number of customers are missing payments on their clothes and makeup, amid soaring…