Are buy now, pay later services truly a new way to boost financial inclusion, or just another type of predatory loan?
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Articles on Consumer debt
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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.
More credit checking, spending limits and caps on fees are among the changes being imposed on buy now, pay later lenders.
BNPL is now the second most common form of consumer credit used by young Australians - except technically it’s not credit.
The UK’s cost of living crisis has exposed the financial vulnerability of consumers, especially those using ‘buy now, pay later’ products.
Buy now, pay later is a booming business. But be warned before you invest in it – or use it as a customer.
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.
UK government put caps on payday loans five years ago, but they have not gone away – and will be in great demand in the months ahead.
By not charging interest, Afterpay and other ‘buy now, pay later’ providers avoid the rules of national consumer credit law.
People are stressed out about money, with most of us struggling to make ends meet due to abusing credits cards and amassing consumer debt. Some tips on how to change your spending behaviour.
Top contributors
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Senior Lecturer, School of Accounting, Economics and Finance, Curtin University
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Assistant Professor, Coventry University
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Head of School at the School of Accounting, Curtin University
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Professor of Marketing, Conexus Research Scholar in Financial Wellbeing, University of Regina
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Senior Lecturer in Computer Science, School of EECMS, Curtin University
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Acting Director, Centre for Co-operative Studies, University College Cork
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Director, Centre for Co-operative Studies, University College Cork
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Associate Professor of Finance, RMIT University
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Researcher and PhD Candidate in Education, Monash University
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Research Fellow – Quantitative Data/Statistics, Monash University
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PhD Candidate, Macquarie University
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Senior Lecturer in Finance & Financial Planning, Griffith University
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Professor of Finance, Auckland University of Technology
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Associate Professor of Quantitative Marketing and Analytics, McGill University
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Professor and Director of the Centre for Youth Policy and Education Practice, Monash University
