Buy Now Pay Later Temptation Triggering A New Year Nightmare

THE festive shopping frenzy is in full swing and debt charities fear too many people will feel pressure to spend more than they can afford, ending up deep in the red in the New Year.

- TRICIA PHILLIPS

Buy Now Pay Later is the key worry as it is far too easy for people to access - often online it is the most prominent way to pay.

Already, charities such as StepChange and Christians Against Poverty say more than one in 10 of their clients The big issue is of regu so ther consist rules with unmanageable debt have BNPL debts.

Many people are struggling with everyday finances, without the extra strain of Christmas.

Gareth McNab, director of external affairs at Christians Against Poverty, said: "Poverty in our communities is getting worse - it's devastating the lives of millions of people across the UK.

"We are supporting increasing numbers of people who have had to borrow money just to pay for essentials, like food, bills and energy. Income is so low for many that any extra pressure, including Christmas, can leave them in a worse financial situation."

Charities and consumer groups are calling for the government to regulate the BNPL market as currently there is little to protect people when they take out these loans. But it keeps dragging its feet and this continues to leave people at risk.