Buy now, pay later is a disaster waiting to happen this Christmas

Buy Now, Pay Later (BNPL) is growing increasingly popular among UK shoppers, but many are oblivious to the dangers of the new payment practice, a report from Barclays suggests.

The bank recently polled 2,000 UK adults who have used BNPL and found that two in five (39%) don’t really know how the payment method works. In fact, some (19%) didn’t know that some BNPL providers charge late fees for missed payments, while others (20%) weren’t aware that missing instalment payments hurts their credit score.

Source link