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UK shoppers rack up £4.1bn debt in ‘buy now, pay later’ deals
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UK shoppers have racked up more than £4bn in outstanding debt so far this year after taking advantage of “buy now, pay later” deals during the pandemic, according to a new study.
An estimated 7.7 million Britons have accumulated “significant” outstanding balances with buy now, pay later (BNPL) companies averaging £538 for each user, according to Credit Karma, a financial website that offers people access to their credit score and credit report.
The findings come days after the government announced that tighter regulation of the multibillion-pound BNPL industry was on the way amid concern among regulators and politicians about how easy it is for consumers to buy more than they can afford and potentially build up sizeable debts.
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