WELLINGTON (CU)_Amid the COVID-19 pandemic, a significant number of consumers in New Zealand, particularly those with tight finances, increasingly relied on the buy now, pay later schemes to purchase products ranging from clothing to footwear and even furniture. According to recent figures, Kiwis spend $887 million a year using these services. However, this trend, which involves minimal credit checks and little to no interest, has now become the fastest-growing form of debt in the Pacific island. Therefore, it is critical to recognise the benefits and the risks associated with BNPL schemes in order to get the most of them without finding yourself in a pile of debt.
Buy now, pay later services entered the New Zealand market five years ago, and has attracted…
