Millions of households across the UK are opting to defer their spending to help manage the rising cost of living. Whether using credit cards or modern instalment plans, spreading the cost of purchases has become a staple of the British high street.
Recent estimates suggest that a staggering 30 million people have engaged with Buy Now Pay Later (BNPL) giants like Klarna and Clearpay. However, a major regulatory shift is now underway as these firms are brought under the strict supervision of City watchdogs.
Financial experts have hailed the intervention by the Financial Conduct Authority (FCA) as a vital move to protect those at risk of falling into debt. The sector has seen explosive growth, with shoppers using deferred payments for…