Were living in a time when you can finance pizza. Where $100 jeans can be split into four easy payments. Where "zero interest" sounds like free money. But behind the buzzwords and flashy apps,Buy Now, Pay Later (BNPL)is turning into one of the most financially destructive forces in America.What started as a clever tech innovation to help people "manage cash flow" has become a full-blown debt trap one thats quietly ruining the financial health of working families across the country. BNPL is marketed like a budgeting hack, but its really the worst thing thats happened to consumers since payday loans.Lets cut through the hype and look at the facts. According to a 2023 report by TransUnion, BNPL usage soared 43% in a single year. Roughly 40% of users have missed at least one payment, and those missed payments often come with hefty late fees or aggressive collections. A2023 CFPB reportindicates that among consumers in households charged an insufficient funds (NSF) fee in the past year, 85% were also charged an overdraft fee.HIGH SCHOOL STUDENTS DISCOVER THE BIG SECRET ABOUT CONSUMER FINANCIAL PROTECTIONMeanwhile, Americans are already up to their eyeballs in other forms of debt. Credit card balances have now hit an all-time high of$1.12 trillion, according to the Federal Reserve Bank of New York. Auto loan delinquencies are rising fast over 7.6% of borrowers are 30 days past due, the highest level in over a decade. And since the federal student loan pause ended,more than 40% of borrowers havent resumed payments.Weve built a nation thats not just living paycheck to paycheck its now borrowing paycheck to paycheck.And BNPL is pouring gasoline on that fire.Heres why its so dangerous: it doesntfeellike debt. When you swipe a credit card, you know youre borrowing. When you click "pay later" on a website, it feels like nothing happened. But something did happen you took out a loan. MAGA COUNTRY VOTERS SOUND ALARM OVER RIDICULOUS NATIONAL DEBT AMID DEBATE OVER TRUMP-BACKED BILLAnd instead of thinking about the total cost, consumers focus on the $25-a-week illusion. Itspredatorybecause it masks the risk. It convinces people they can afford things they absolutely cannot.Im seeing it firsthand in conversations across the country: People dont even realize how many plans theyve signed up for. Klarna here. Afterpay there. Affirm on something else. According to industry data, the average BNPL user hasfour to six active plans but most couldnt tell you the total amount they owe.And its not just big-ticket items like laptops or furniture anymore. People are now financing gas, groceries andtakeout. Think about that: Were borrowing money to buy things that are gone in a week. Even short-term loans to make it to our next paycheck. This isnt just financially unsound its culturally dangerous. BNPL is normalizing the idea that youdeserveto have something now and worry about paying for it later. Its instant gratification on steroids. Its teaching young people that budgeting means stacking multiple payment plans not actually saving money.INVISIBLE TAX: GOVERNMENT DEBT IS CRUSHING YOUR FINANCESYou know what system worked better when I was growing up? Layaway.Thats right good, old-fashioned, unglamorous layaway. You saw something you wanted. You made small payments. Andonly afteryou paid in full did you walk out the door with the item. No debt. No fees. No collections. Layaway required patience. It taught discipline. It was about savingbefore you spent.CLICK HERE FOR MORE FOX NEWS OPINIONBNPL flips that on its head. It removes friction. It encourages consumption without consequence. Retailers love it because it boosts sales. Tech companies love it because it boosts engagement. But the American consumer? Theyre the ones stuck holding the bag when all those "easy payments" come due at once. Its the same trap as payday loans, just with better branding.Even regulators are waking up. The Consumer Financial Protection Bureau has flagged BNPL for deceptive practices, lack of transparency and the use of consumer data for marketing. But theyre behind the curve. This market has already ballooned to $80 billionin annual transactionsand its only getting bigger.So, whats the solution?We need to go back to basics. We need toteach people to save before they spend. Its calleddelayed gratification and people in America just dont understand this concept anymore. We need to stop pretending that BNPL is some kind of harmless financial tool. Its the fast track to delinquency and bankruptcy for people who can least afford it.And maybe, just maybe, we need to bring back the layaway counter at your local department store. Because the lesson there was simple but powerful:If you cant pay for it today, wait until you can. Thats how wealth is built not through apps, not through gimmicks, and certainly not through "four easy payments."CLICK HERE TO READ MORE FROM TED JENKIN