Buy Now Pay Later Easy Credit Fuelling
More Debt
The Financial
Conduct Authority (FCA) is concerned that easy credit offered by buy now pay later
companies (BNPL) like Klarna and Paypal will add to the debt crisis.
Millions of people
in the UK are using BNPL credit at rates as high as 30% pa (or 300 times the
base rate) to buy consumer crap that goes down in value while the size of
their debt goes up.
£14 billion of goods
bought using BNPL freon January to March.
If you can’t afford
that gadget or item of clothing, don’t buy it!
Instead of BNPL, use
SUBL or SAVE UP AND BUY LATER!
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#creditcard
#debtfree #financialeducation #freetraining #paypal #klarna #getoutofdebt
