Adobe’s latest forecast shows consumers are expected to spend a record $18.5 billion through buy now, pay later financing this year. That’s up more than 11% year over year.

Many buy now, pay later services began as a way to help people make big-ticket purchases. Now, it’s also a way to finance essentials.

Millennials are opting for plans that allow them to spread payments without accruing debt or interest.

An in-depth conversation with PayPal co-founder Max Levchin on American debt and his new startup, Affirm.