Shoppers spend £2.3bn via controversial ‘buy now, pay later’ loans to fund Christmas

Industry News | 08/01/21

Shoppers relied on controversial “buy now, pay later” services to fuel £2.3bn of spending this Christmas, as lockdown measures made it the biggest ever festive season for online shopping.

Such spending has sparked fresh fears users are racking up huge hidden debts. Research by Credit Karma, a credit reporting firm, found that one in four shoppers used buy now, pay later in the run up to Christmas, with an average bill of £170. This represented nearly 40pc of all Christmas shopping.

Source: The Telegraph