URGENT ACTION NEEDED ON HARMFUL BUY NOW PAY LATER DEALS
With the festive shopping season underway, many will be worrying about how to afford presents for their loved ones while household budgets are being squeezed to the limit.
The UK has a household debt timebomb of £1,745.7 billion as of the end of August 2021.
With increasing food and fuel prices amidst a cost of living crisis, many will be left with no option but to rely on credit for their purchases, falling deeper into unsustainable debt.
Of particular concern is lack of regulation of Buy Now Pay Later credit especially as we approach Black Friday. I called on the UK Government to urgently regulate this sector of the credit market which currently leaves consumers at much greater risk of financial harms. It is predicted that by 2026, UK shoppers will be spending close to £40bn a year by this method. The proliferation of this type of credit has created an urgent need for robust regulation of this sector, in line with other credit products.
Consumers must have confidence when making purchases and have the level of protection that they are entitled to expect.
Watch my speech below 👇