“Buy Now, Pay Later.” That sounds great, but it leads to what’s known as “Phantom Debt.” These debts are not recorded like many others and there’s no concrete way to track them; but they could pose a serious problem in 2024, especially since bankruptcies already rose 18% in 2023. This debt could also come into play as experts predict a rough economic landscape this year.
Swiss America CEO Dean Heskin and Chris Agelastos break down Phantom Debt, how people get caught up in it, how it could affect the nation and individuals, and how you can protect yourself on The Secret War on Cash.
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Articles referred to in this podcast:
Buy now, pay later is a troublesome type of phantom debt, experts say (cnbc.com)
US bankruptcies surged 18% in 2023 and seen rising again in 2024 -report | Reuters
