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Document Cited in Related
Vincent
Published date23 June 2022
Publication titleHuddersfield Daily Examiner
BNPL users are now paying off 4.8 purchases on average - up from 2.6 in February - with the average amount owed standing at more than £250, according to research by Barclays and debt charity StepChange

The rising cost of living is having a direct impact on the popularity of BNPL purchases, with 36% of consumers saying the lending - much of which is still unregulated - has become more appealing since inflation began to climb.

Retailers that offer BNPL credit estimate that the lending will account for nearly a quarter (22.1%) of sales by the end of 2022, rising from the current 18.7%.

Some 86% of retailers report a surge in demand for BNPL purchases since the start of the year.

However, 31% of Britons who have already used BNPL to purchase goods say the lending has got them into problem debt as repayments became unmanageable.

The bank and charity said retailer backing for fully regulated BNPL products could prevent up to 876,000 Britons from getting into unmanageable debt this year.

Around 7% of shoppers plan to use BNPL for the first time this year, and 75% of these said their decision...

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