Citizens Advice and other debt advice charities are getting increasingly concerned over the buy now pay later (bnpl) culture that is now being offered by many high street stores.
It is reported that around 45% of 18 – 34-year olds have used this payment option over the last 12 months.
Firms make it easy by offering the bnpl option at the checkouts and by advertising it as ‘interest free’ it looks a very attractive way of paying.
This way of paying for goods is not being perceived as proper borrowing and many do not know the implications, however it does affect a person’s credit rating if repayments are not made on time.
Citizens advice say that four in 10 people are now struggling to pay the installments.
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