Inflation is hitting Americans hard, forcing some to turn to buy now, pay later (BNPL) options to make ends meet. About 46% of consumers in the US used BNPL this year, up from 43% a year ago and 31% in 2021, according to a new survey by LendingTree.

While retailers are using this payment method to generate revenue, it is becoming a "bad outcome" for consumers' financial situation, reflecting it is a sign of slowing and that debt will start to flare up, especially with credit card interest.

The survey found that the largest percentage of consumers (46%) used BNPL for clothing, shoes, and accessories, followed by home furniture and appliances at 34%. Technology and beauty products were also popular, with 27% and 26% of shoppers using the plan, respectively. However, BNPL is increasingly being used for everyday purchases, such as groceries and gas, which could lead to overspending and accumulating debt.

According to an expert, a third of Americans are in a "tough position" due to more credit card debt than what is available to them in emergency savings.

The survey highlights the growing popularity of BNPL as a payment option, but also raises concerns about the potential financial consequences for consumers who use it for everyday purchases.