Regulators have been urged to crack down on ‘buy now, pay later’ firms after a damning report revealed that one in 10 shoppers using the credit services are being chased by debt collectors.
Citizens Advice, a group of legal, money and consumer groups, raised the alarm after finding that 195 of the 2,000 buy now, pay later users it surveyed had been contacted by or referred to debt collectors.
The charity estimated that UK shoppers using the option were charged £39m in late fees last year.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.