I've been £27k in debt - it's worrying to see the rise of buy now pay later schemes ✒️ claremseal
, throwing every spare penny at whichever card I was focusing on, while continuing to make minimum repayments on the others.
We also addressed areas where we were overspending, and harnessed the opportunity presented by our eldest son starting school – finally, our childcare costs were something remotely resembling manageable. We worked hard to pay off our debt, but circumstances were also in our favour – my worry is that the same factors pushing people to use buy now, pay later are the exact same factors that might make paying the money back more difficult, and make a descent into further debt more likely.
I worry that this sort of wishful thinking might also be playing a role in the rise of buy now, pay later schemes, with users kicking the can down the road for a time when prices aren’t quite as high and the cost of living crisis is “over”. I know from experience that you can only keep your head buried for so long before the material impact on your finances and well-being becomes unavoidable.
Buy now, pay later lenders are still not required to carry out the same affordability checks as other creditors, leaving consumers to assess their own ability to afford repayments – something which we humans are notoriously bad at.
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