Younger shoppers using buy now, pay later more: VantageScore CEO

Credit card debt and delinquencies are rising, with some experts warning of a credit card crisis with the advent of holiday spending. Younger consumers are having to face a tough time as a Bank of America survey showed nearly three in four Gen-Zers have curbed their spending in response to higher inflation. VantageScore CEO Silvio Tavares joins Yahoo Finance to discuss the state of credit and purchasing amongst younger consumers and the turmoil they may face going forward. Tavares comments on the rise of 'buy now, pay later,' saying "what we're seeing is consumers shifting that spending to buy now, pay later…In three or four months there could be some concerning signs if we see that credit deterioration. The banks and credit card lenders have identified this trend and they're already pulling back. If you look at the end of October, we published a monthly report… what you are seeing is banks reducing the number of new accounts on credit. It was at 3% on a year-over-year basis. That's the lowest we have seen all year." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.