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The Guardian - UK
The Guardian - UK
Business
Jon Ungoed-Thomas

Fears of spiralling debt as ‘buy now pay later’ credit quadruples in UK

United Kingdom FCA Stella Creasy Citizens Advice Klarna Observer
Charities say people turn to ‘buy now pay later’ providers when they are out of options.
Charities say people turn to ‘buy now pay later’ providers when they are out of options. Photograph: Daniel Harvey Gonzalez/In Pictures/Getty Images

Ministers are being urged to intervene over a surge in unregulated “buy now, pay later” credit after the amount UK consumers spend online using such deals rose up to £1.7bn a month.

Debt advisers warn that many people are routinely resorting to deferred payments to buy household essentials. Any consumer who then misses payments risks seeing their case turned over to debt collectors.

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