Jenny Ross, Which? Money Editor, said:
“Buy now, pay later (BNPL) services are a convenient way to shop for many, yet Which? research has found that people are often using these schemes without realising that they’re taking on debt.
“With the cost of living soaring, appropriate affordability checks are needed to help prevent people from amassing debts that they may struggle to pay off.
“The government has included these checks in its plan to regulate the BNPL market, but it must move quickly. Currently, new rules to protect shoppers are unlikely to take effect until 2023 at the earliest.”