The rise in pay-later financing comes as many households are leaning more on debt to keep up with their daily expenses. Paying interest — to afford basic needs — adds to the overall cost of living, which has already been rising amid higher medical, housing and fuel costs.

For many borrowers, the loans have become their only option: Half of those using them said they could not make ends meet otherwise, according to the latest edition of a survey that LendingTree, a loan marketplace, has compiled for years.

Half. Half!