There are growing concerns that people making multiple buy-now-pay-later purchases simultaneously may lose control of their debt management and fall into financial hardship.
While the interest-free installments make these services quite attractive for shoppers, they get charged hefty late fees on missing a payment.
According to an ASIC report released in November 2020, 21 per cent of buy now pay later consumers missed a payment and incurred late fees in the previous 12 months.
