Parents turning to ‘buy now, pay later’ to fuel Christmas spending

Industry News | 27/11/20

Shoppers aged between 30 and 54 have become the fastest-growing cohort using controversial “buy now, pay later” offers in what charities have warned could fuel a major debt and mental health crisis.

Parents could be left with unmanageable debts if they rely on such services to fund their Christmas shopping.

Buy now, pay later firms have typically targeted younger shoppers but new research has suggested parents have become the latest group to be hooked on easy spending.

These services allow shoppers to purchase items without spending a penny up front, as users pay off their debt over weeks or months. Klarna, Clearpay and Laybuy are among the major firms operating in Britain.

Source: The Telegraph