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'Buy now, pay later' debts hitting young
'Buy now, pay later' debts hitting young
This is a duplicate of the Blog Entry made on: 23rd December 2016 09:23
This is a duplicate of the Blog Entry made on: 23rd December 2016 09:23
Backdated interest payments are leaving young people with unexpected bills from "buy now, pay later" deals, a charity has warned.
Citizens Advice said that thousands of people in their 20s who signed up to offers were struggling with debt. These deals allow people to delay paying for items for an agreed period of time, such as six or 12 months. Yet failing to pay in full by an agreed date brings interest charges backdated to the start of the agreement. Missing a payment deadline could leave people with bills amounting to twice the original price, Citizens Advice warned. The charity said this was a persistent issue, having helped 24,000 people with 50,000 catalogued or mail order debt problems in the past year. These people had an average debt of £1,300, with young adults aged 25 to 29 most likely to have problems with catalogued debts.....Source: Read more here
Citizens Advice said that thousands of people in their 20s who signed up to offers were struggling with debt. These deals allow people to delay paying for items for an agreed period of time, such as six or 12 months. Yet failing to pay in full by an agreed date brings interest charges backdated to the start of the agreement. Missing a payment deadline could leave people with bills amounting to twice the original price, Citizens Advice warned. The charity said this was a persistent issue, having helped 24,000 people with 50,000 catalogued or mail order debt problems in the past year. These people had an average debt of £1,300, with young adults aged 25 to 29 most likely to have problems with catalogued debts.....Source: Read more here