The hidden risks of buy now pay later services

The buy now, pay later services may have made buying products easier for consumers, but with their increasing popularity and almost ubiquitous presence, concerns are growing that some users may get caught in a debt spiral.

According to a report, 21 per cent of shoppers who used the buy now pay later service in 2018-19 missed a repayment and were charged $43 million in interest. Source: Getty Images/Fiordaliso