I have an EXTREMELY, EXTREMELY bad Opinion on these Industry, to be honest.
ASIC report dissects buy now, pay later industry, finds one in five users struggle to meet payments; Almost 20% of buy now, pay later (BNPL) users who fail to make their payments on time end up cutting back on life’s essentials or taking out additional loans to meet their commitments, according to a widely-anticipated review by the nation’s corporate watchdog.The Australian Securities and Investments Commission (ASIC) collated data from six BNPL providers and the ensuing report found that some of them are causing consumers financial harm beyond the post-purchase, interest-free period.It follows an original review by ASIC in 2018 which highlighted the rapidly-growing nature of the BNPL industry; the impact of BNPL arrangements on consumer spending habits; and that financial over-commitment can be a real risk for some users.
