Something’s gone wrong when people are buying a Big Mac with a loan. But thanks to Buy Now Pay Later, that is exactly what is happening – and I’m worried.
Used properly, it’s a type of interest-free loan that allows people to pay for an item in three or four instalments over a short period, usually between six weeks and three months.
Shorts
It’s a valuable tool for families managing the household budget, particularly at high pressure times such as Christmas or the school holidays, or where there’s an unexpected outlay, like a car breaking down.
But when you take that original idea and use it to pay for a Happy Meal, you’ve lost the entire purpose.
