Buy Now Pay Later | Money & Mental Health

13th December 2021

This week’s blog comes from the Money and Mental Health website highlighting the use of Buy Now Pay Later (BNPL) services. BNPL allows the consumer to spread the cost of items over several months, often without interest. The blog was written for Black Friday however with Christmas looming we feel it is important to highlight that one in ten of us will use BNPL to cover their festive spending.

The concern is affordability because splitting payments makes it easier with 43% of users saying that they spent more. The impact on mental health is considered if a person falls into debt and cannot make the repayments and finally, the author calls for regulation of the industry to protect consumers as soon as possible.