BNPL Late Payment Fees Plague Young Brits

A third of young Brits using Buy Now, Pay Later (BNPL) services are facing late payment fees, with low credit scores and debt collectors being common risks. Despite the risks, a third of all consumers in the UK have used BNPL, with many being unaware of the potential consequences. The Centre for Financial Capability warns about the need for government regulation due to the ongoing cost-of-living crisis and the increasing reliance on these schemes without proper understanding of their risks.