As advanced in a previous article, more consumers are using Buy Now
Pay Later services and this trend is expected to continue. A study
conducted by a financial firm showed that 54% of clients will use this option
by the end of the year.
These findings were corroborated by another research carried out by the
consumer reporting agency Equifax. It revealed that in comparison to 10
months ago, 2.6 million more people in the UK are using BNPL solutions. Moreover,
in October, 28% of the adult population made a minimum of one purchase using
this payment method, in comparison to the 23% recorded in December last year.
This study also reasserted the fact that customers opt for this facility
because they believe that it will alleviate their financial burden. For
instance, at least 27 percent advanced that they would have struggled to
celebrate Christmas without BNPL services.
While BNPL can be a useful budgeting tool, things are not as rosy
as they would seem. In fact, such solutions have also attracted criticisms
because they have led to shoppers in the UK amassing more than 4.7 billion
euros in outstanding debt. As
such, like any other facilities, it must be used wisely, especially during this
festive period. Consumers must make sure to purchase only what they can afford
paying back.
Photo credit: cuncon from Pixabay
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