The 'Buy now, pay later' schemes are becoming increasingly popular among shoppers in Australia, with the total value of purchases rising to over $5.6 billion in 2018-19.
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.
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