Millennials are financing everything from bed sheets to concert tickets

Millennials want luxury sheets, Peloton exercise bikes and music festival tickets, but they don’t always have enough cash or a desire to put them on a credit card. So they are turning to an even more expensive method of payment: financing. In recent years, payment companies including PayPal Affirm and Bread have created installment plans for retailers that give consumers the option to finance the weirdest purchases over time…

Some consumers have shown they tend to overspend: Americans now have more than $1 trillion in outstanding revolving debt, often categorized as credit-card debt, the most in U.S. history.