> In California alone, 91% of all consumer loans issued last year — defined by the California Department of Financial Protection and Innovation as loans for “pe

> In California alone, 91% of all consumer loans issued last year — defined by the California Department of Financial Protection and Innovation as loans for “personal, family or household purposes” such as car, utility or medical loans — were buy now, pay later loans, also known as point-of-sale loans. This is a weird way to measure it. If every credit card purchase people made counted as a loan under this criteria, it would be weird to count each credit card purchase in the "number of loans." Obviously each person makes many more credit card purchases than the number of homes they buy. Surely it makes more sense to measure the amount of debt people have, and more specifically how that debt from these services compares to the amount of their debt from credit cards, as well as how it compares to the credit card debt of previous generations.