Creditspring research reveals increased BNPL use to afford Christmas

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New research from responsible lender Creditspring shows that a quarter (23%) of young people admitted they planned to buy their Christmas dinner this year using buy now, pay later (BNPL) to afford Christmas this year due to rising costs.

The information is related to research conducted by the Financial Conduct Authority (FCA), which indicates that people who use BNPL frequently are more likely to be experiencing financial difficulties, such as growing debt or missing bill payments.

According to Creditspring’s own data, 22% of 18-34-year-olds who have used BNPL have previously incurred debt through the service; this percentage is still higher than 13% of the general population. The enduring misunderstandings regarding BNPL as a type of borrowing are also concerning.

Read More: Creditspring research reveals BNPL used to afford Christmas

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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