Cash strapped Britons banking on buy now pay later apps for takeouts
Buy Now, Pay Later: Expert issues warning
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Good Morning Britain has been debating the growing trend of cash-strapped Britons turning to Buy Now, Pay Later finance to afford takeaways amid the cost-of-living crisis. The rise in Buy Now, Pay Later use has financial experts concerned Briton found find themselves trapped on a slippery slope to debt.
Bushra told the ITV show: “Without the experience your never going to learn how to manage your money.
“We are not being taught this at schools, where is the financial education.”
She added: “These products are also out there to help these youngsters learn.”
Fellow GMB guest Martyn James argued that “easy” finance apps are causing people to “sleepwalk into debt.”
The consumer rights expert told GMB: “I think the phrase sleepwalking into debt is quite a pertinent one when it comes to this.
“We have all made the mistake where we have ordered something late night on the internet and regretted it.
“The probable with this form of credit is that it makes it very very easy to do that, just with one click.
“Now coming from a financial background my primary concern is this is a credit agreement but it doesn’t feel like one.”
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