Digital payment products have become particularly attractive – and risky – for young consumers.

Banks are not one-size-fits-all. When you’re evaluating where you want to park your money, there are several factors you’ll have to weigh to find the right one for you. One major consideration you’ll need to consider: fees.

Late last year, the CFPB issued orders to five non-bank BNPL lenders, asking for detailed information on the activities and risks inherent to their lending practices. “We have ordered Affirm, Afterpay, Klarna, PayPal, and Zip to submit information so that we can report to the public about industry practices and risks,” said CFPB director Rohit Chopra.

“Buy now, pay later” companies say they’ve created “a fairer and more sustainable alternative” to credit cards. Some users say they also change spending habits for the worse.

President Biden said Wednesday he is taking action to cancel up to $10,000 in federal student loan debt for millions of Americans and an additional $10,000 for low-income borrowers while extending a pause on monthly payments, delivering long-awaited relief just weeks before the midterm elections.

Last year at this time, all but two of the 20 largest commercial banks in the nation charged fees to consumers whose accounts did not have enough money in them to pay for certain purchases.

The amount of debt people are carrying on credit cards is growing fast. In the second quarter of this year, from April to June, balances were 13% higher than they were a year earlier, according to new data from the Federal Reserve Bank of New York.

Household debt continues to rise, proof that more families are struggling to make ends meet, fintech industry executives believe.

If your bank still charges a fee for not having enough money in your account, you can switch to another bank that has gotten rid of them.

Millions of Americans could see their student debt wiped clean before the end of the summer — or, at least, get some more time to pay back their loans.

Products including the forthcoming Apple Pay Later are options for consumers looking to delay payments, but spending too much can be a problem.

On May 17, Square announced that it will be extending Afterpay’s BNPL services to its in-store merchants in the United States and Australia. This news comes a mere 3 months after Block’s acquisition of Afterpay, which is aimed at introducing BNPL capabilities across all of Block’s online commerce and in-person sales ecosystem.