Two opaque corners of finance have joined forces: shadow banking and phantom debt. Put another way, private credit firms are backing Buy-Now-Pay-Later companies to finance their expansion into the US consumer market.

On today’s Big Take podcast, guest host Stacey Vanek Smith joins Bloomberg reporters J.J. McCorvey and René Ismail to discuss what private credit’s involvement in BNPL means for everyday borrowers, why it’s raising concerns and whether the risks hiding in these spaces could spill over into the rest of the economy. 

Read more: Private Credit Is Making Bets on Consumer Debt at a Precarious Time


Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by J.J. McCorvey and René Ismail; Edited by Naomi Shavin.

Fact-checking by Julia Press and Laura Newcombe; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Two opaque corners of finance have joined forces: shadow banking and phantom debt. Put another way, private credit firms are backing Buy-Now-Pay-Later companies to finance their expansion into the US consumer market.
On today&rsquo;s Big Take podcast, guest host Stacey Vanek Smith joins Bloomberg reporters J.J. McCorvey and Ren&eacute; Ismail to discuss what private credit&rsquo;s involvement in BNPL means for everyday borrowers, why it&rsquo;s raising concerns and whether the risks hiding in these spaces could spill over into the rest of the economy.&nbsp;
Read more:&nbsp;<a href="https://www.bloomberg.com/news/features/2026-06-28/private-credit-is-fueling-buy-now-pay-later-growth-despite-risk-fears?srnd=undefined">Private Credit Is Making Bets on Consumer Debt at a Precarious Time </a>
Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by J.J. McCorvey and Ren&eacute; Ismail; Edited by Naomi Shavin.
Fact-checking by Julia Press and Laura Newcombe; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

Private Credit’s New Obsession: Buy Now, Pay Later

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/da81ac68-d9f8-4ce2-ac2b-b47f0169bf19/transcript