Martin Lewis, the renowned consumer champion, cautions against the risks of using Buy Now Pay Later schemes during the Christmas shopping period due to the lack of regulation and potential for overspending.
Martin Lewis has warned about the dangers of using Buy Now Pay Later ( BNPL ) schemes during the Christmas shopping season. The consumer champion expressed concern about the lack of regulation surrounding BNPL , stating that it can be risky for consumers as it doesn't offer the same consumer protections as traditional credit products. While acknowledging that BNPL can be convenient, Lewis urged people to be cautious and consider the long-term financial implications.
He highlighted the importance of affordability and questioned whether people can realistically maintain their current lifestyle while making repayments on BNPL purchases. Lewis also warned against overspending during Christmas, emphasizing that plunging oneself into debt could lead to a miserable New Year
Buy Now Pay Later BNPL Christmas Spending Consumer Advice Financial Risks
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