Should you let your friends pay their debts to you over time?

Can’t afford to buy that TV? There’s an app for that.

Americans have come up with lots of ways to make pricey purchases and take on debt, including credit cards, personal loans you can shop for online and risky payday loans. In 2017, consumers will be able to get even more creative. A former executive at eBay EBAY, -0.76%this month debuted an app called INSTO that allows consumers to pay one another in installments. Its tagline? “Afford anything.” Like PayPal’s PYPL, -0.38% popular app Venmo, the app facilitates “peer to peer” payments, allowing consumers to pay one another directly through their bank accounts or with credit or debit cards.

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