According to reports, two million UK shoppers have had their credit scores damaged via ‘buy now pay later’ schemes which have led to increased levels of consumer debt. According to Comparethemarket.com, one in five shoppers have used BNPL schemes to purchase goods over the past year in the UK, equating to roughly ten million people. Furthermore, 41 per cent of consumers said that they weren’t aren’t aware that BNP schemes could affect their credit score, and 39% of consumers aged 25 -34 year-old stated that it had damaged their credit score.
J&P comments
Many consumers aren’t aware of the repercussions of failing to make scheduled payments, which could prevent them from achieving essential life milestones like purchasing a house. Which is why consumers need to read through the terms and condition of the agreement carefully.
