Speaking exclusively to Express.co.uk, Craig Wilson, the managing director of private sector at Sopra Steria UK, outlined why these schemes are potentially an issue for low-income households.
He explained: “The number of people turning to schemes such as Buy Now Pay Later (BNPL) has soared in recent months.
“This will likely continue as the rising cost of living leaves many struggling to afford necessities and turning to unsustainable credit schemes as a result.
“Despite usage increasing, many consumers don’t understand how these schemes truly work, or that they’re getting themselves into debt in the first place.”