Martin Lewis emphasized the importance of regulating buy now, pay later (BNPL) products, stating that the lack of oversight was a longstanding issue he campaigned against.
He noted that while BNPL can be beneficial for spreading payments interest-free, it's often promoted as a lifestyle choice rather than facing its true nature as a form of debt.
Lewis welcomed the new government's commitment to regulation, mentioning that the previous chancellor's inaction left consumers unprotected in this area.
The new rules aim to protect millions of shoppers, addressing long-standing concerns over the uncontrolled rise of BNPL services in online commerce.
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