Almost a third of shoppers who use buy now, pay later credit say repayments on the loans have become “unmanageable”, with the cost of living crisis pushing them into a debt spiral, new research has found.
Consumers are spending more via the controversial form of credit, with shoppers who use BNPL now paying off an average of 4.8 purchases – almost double the 2.6 purchases in February, the research found. The average BNPL user’s outstanding balance currently stands at £254.
