Many customers who have become reliant on 'buy now, pay later' credit have racked up unmanageable debt, leading to a need for emergency support. Advisers stress that households depend on such schemes for essentials, risking missed payments and debt collection.
Since 2020, the buy now, pay later market has grown substantially, reaching a record total of 30bn this year. Despite calls for regulation, the expansion of this unregulated credit option has led to concerns about customers accumulating unsustainable debt.
Concerns arise about the potential for customers to accumulate excessive debt through buy now, pay later schemes, highlighting the importance of protection measures against unmanageable financial obligations.
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