Two Million Britons Are Using Buy-Now-Pay-Later for Essentials
- Half of customers have unpaid bills, with some owing hundreds
- One in three said they did not know when payments were due
This article is for subscribers only.
Almost two million people in Britain are using buy-now-pay-later credit to cover groceries, bills and other necessities, according to the Money and Pensions Service.
While electronics and clothes are the most common purchases with short-term debt, one in five people who use BNPL paid for essentials, according to a survey carried out for the consumer body in March. Half of all users surveyed said cost-of-living pressures had changed how they used BNPL.