New research has found 20% of young people are struggling to keep on top of their ‘buy now, pay later’ debt – leading to long term financial harm.
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More credit checking, spending limits and caps on fees are among the changes being imposed on buy now, pay later lenders.
Buy now, pay later is a booming business. But be warned before you invest in it – or use it as a customer.
Instead of blaming young people for eating too many avocado toast breakfasts, we need a better understanding of the economy and society they are growing up in.
In the first six months of 2021, Afterpay’s gross profit was US$284 million — about 150% more than the US$113 million profit it booked in the six months before the pandemic.
By not charging interest, Afterpay and other ‘buy now, pay later’ providers avoid the rules of national consumer credit law.
Many startups now offer “instant” loans for online purchases. This business model has been around for centuries and is incredibly profitable.
Kontributor teratas
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Senior Lecturer, School of Accounting, Economics and Finance, Curtin University
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Head of School at the School of Accounting, Curtin University
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ARC Future Fellow, School of Education, Deakin University
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Conjoint Senior Lecturer, University of Newcastle
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Senior Lecturer in Computer Science, School of EECMS, Curtin University
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Senior Lecturer in Sociology, University of Newcastle
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Associate Professor of Finance, RMIT University
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Associate Professor, University of Newcastle
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PhD Candidate, Macquarie University
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Adjunct Senior Lecturer, AUT Business School, Auckland University of Technology and Senior Lecturer in Finance & Financial Planning, Griffith University
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Senior Lecturer in Sociology, University of Newcastle
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Professor of Finance, Auckland University of Technology
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Associate Professor, Sociology, University of Newcastle
