Buy now, pay later? Not so fast, as the government looks to tighten regulation by year's end

Ray Smith has made multiple purchases using Zip Pay, and is struggling to keep up with repayments. (ABC News: Glyn Jones)

Millions of Australians have buy, now pay later (BNPL) accounts, but the easy credit may soon be harder to come by, with the government promising an industry crackdown by the end of the year. 

In recent years, Ray Smith, who lives on a disability pension near Perth, has racked up more than $4,000 worth of debt with two buy now, pay later providers, mainly Zip.