Inaction on Buy Now Pay Later risks growing levels of unaffordable debt

Buy Now Pay Later (BNPL) is rapidly growing in popularity. It’s now used by more than 1 in 3 (37%) UK adults.

Almost 3 years since the government committed to bringing BNPL into regulation, borrowers are still waiting for the protections that come as standard for other consumer products. Our evidence shows people are turning to BNPL in crisis situations, taking out credit that ultimately isn’t affordable. The absence of regulation means the risk of unaffordable borrowing isn’t being managed by lenders.

We explain in our blog.