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More than two in five buy now, pay later (BNPL) customers borrowed money to make repayments, Citizens Advice has found, fueling fears of a looming credit crisis among cash-strapped consumers. Younger shoppers were most likely to borrow to pay off BNPL purchases. The types of borrowing included overdrafts, borrowing from friends and family, loans and payday loans.
“The spiral of debt from buy now, pay later to credit cards, loans and even payday lenders shows it’s not a risk-free alternative. buy now, pay later is part of the credit industry and must urgently be regulated as such.”
https://www.finextra.com/newsarticle/40410/consumers-racking-up-more-debt-to-pay-off-bnpl-loans
