Money Box Live: Are you worried about debt?
Money Box
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How to Deal With Credit Card Debt and Use Buy Now Pay Later
There is a legal scheme called Breathing Space which gives you 60 days of money. The four main companies in this area are Klarna, ClearPay, Laybuy and OpenPay. They typically offer on the spot interest-free short-term loans that spread payments for everything from clothes to food. There are concerns that especially during this cost of living crisis, it's too easy to use that service to fall into debt. This week, the government announced long-awaited draft regulation for this sector. But first, I'd like to hear from Catherine, whose 19-year-old struggles with alcohol and used buy now pay later to get it delivered.
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