The buy now, pay later services may have made buying products easier for consumers, but with their increasing popularity and almost ubiquitous presence, concerns are growing that some users may get caught in a debt spiral.
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The hidden risks of buy now pay later services
According to a report, 21 per cent of shoppers who used the buy now pay later service in 2018-19 missed a repayment and were charged $43 million in interest. Source: Getty Images/Fiordaliso
The buy now, pay later services may have made buying products easier for consumers, but with their increasing popularity and almost ubiquitous presence, concerns are growing that some users may get caught in a debt spiral.
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By Sneha Krishnan
Source: SBS
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