<![CDATA[The emergence of Buy Now Pay Later (BNPL) services has transformed digital consumption behavior by providing fast and convenient access to credit. However, such convenience may increase the risk of indebtedness due to consumption decisions that are not always rational. This study aims to examine the effects of hedonic shopping value and heuristic decision-making on indebtedness with impulsive buying behavior as a mediating variable among marketplace and BNPL users in Kendal Regency, Indonesia. A quantitative approach was employed using a survey method involving 200 Generation Z respondents selected through purposive sampling. Data were analyzed using Partial Least Square Structural Equation Modeling (PLS-SEM). The findings reveal that hedonic shopping value and heuristic decision-making significantly influence impulsive buying behavior and indebtedness. Furthermore, impulsive buying behavior mediates the relationship between psychological consumption factors and indebtedness. This study contributes to the Behavioral Finance literature by demonstrating that digital debt represents a form of behavioral debt shaped by emotional, cognitive, and behavioral mechanisms.]]>
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