Peter Welch: “there is now widespread and growing use of ``buy now, pay later.'' The reason families are doing that is to buy things…”

“there is now widespread and growing use of ``buy now, pay later.'' The reason families are doing that is to buy things like school clothing, not some incidental that is a discretionary expense. The reason ``buy now, pay later'' is so much increasing in demand is because people are really broke. They are struggling with the high gas prices, they are struggling with record inflation, and at the end of the month, there are more bills than there is money. The people using ``buy now, pay later'' are in every single State of the Union--in West Virginia, in Vermont--and they are good people that we care about and are concerned that the economy is not working for them, and they are struggling with very severe shortages of income. These products can be risky. You know, most of us wouldn't recommend ``buy now, pay later.'' It is much better if you have the money to pay cash and you don't get in a risky situation. But the fact is, this is a necessary tool for some families. Why in the world would we all not want to take the necessary action to protect those vulnerable families from abusive practices? That is what the CFPB did with its rule. I am absolutely mystified--absolutely mystified--that the administration would rescind that because, as I mentioned and as we all know, this is a protection that helps people that each and every one of us represents.…”