quadrupled in 2020, to £2.7 billion of transactions, and last week, the government announced plans for tighter regulation of the multibillion-pound industry.
A new document from the Treasury signalled that Whitehall intends to look into this new form of credit, which has become particularly popular among shoppers under 30 who welcomed the ability to delay payments for a selected range of goods. A new study has now revealed that the government’s concerns are not without merit, since it has now been discovered that millions of Britons have racked up a significant amount of debt as a result of these attractive deals.
According to Credit Karma, a multinational personal finance company which provides people access to their credit score and credit report, about 7.7 million UK shoppers have…
