Martin Lewis, founder of Money Saving Expert, has hit back at 'buy now, pay later schemes', criticising the 'painfully slow' process of regulating the schemes.
A promise of cracking down on tougher rules aren't likely to be enforced until 2024, but credit debt blew up during the pandemic for people using firms such as Klarna, Laybuy and Clearpay.
The buy now, pay later scheme allows shoppers to delay paying for products and pay it off in instalments.
