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Martin Lewis frustrated at slow pace of buy now, pay later rules

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theguardian.com

The consumer champion Martin Lewis has criticised the “painfully slow” pace of progress on regulating the buy now, pay later industry, amid indications that promised tougher rules are unlikely to take effect until 2024.Buy now, pay later (BNPL) lets shoppers delay payment for products such as clothes and furniture.

This form of credit enjoyed explosive growth during the pandemic, particularly among under-30s and those with tight finances.But there has been growing concern among regulators, politicians and consumer groups about how easy it is for people to buy more than they can afford and potentially build up sizeable debts.

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