Only a few years ago, Buy Now Pay Later was hailed as the ultimate in consumer credit innovation. The current reality is massive losses for the providers while cost-of-living pressures escalate and the most vulnerable consumers suffer most. Welfare groups are demanding regulation, David Gilchrist reports.
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Public Interest Advocacy Centre’s Senior Policy Officer, Thea Bray, confirmed Australian’s are using BNPL to pay power bills rather than turning to electricity retailers for bill assistance. She said using BNPL fees effectively increased their electricity bills. “Our research showed BNPL marketing creates a positive feeling around products that provide short term help to consumers but are bad products for those struggling with the cost of living.”