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Australians ditch credit cards as millennials turn to ‘buy now, pay later’ players like Afterpay, Zip – ABC News

A global pandemic and the nation’s first recession in 29 years haven’t stopped the boom in ‘buy now, pay later’ services, but regulators are circling and consumer advocates warn they leave Australians at risk of spiralling into debt.

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A global pandemic and the nation’s first recession in 29 years haven’t stopped the boom in ‘buy now, pay later’ services, but regulators are circling and consumer advocates warn that this modern day lay-buy service leaves Australians at risk of spiralling into debt.
Key points:

  • As ‘buy now, pay later’ services grow in use during the COVID-19 pandemic, credit card use is in decline
  • Consumer advocates say ‘buy now, pay later’ should be regulated like credit card companies are, bu…

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