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Buy now pay later on the rise

A move which is effectively robbing Peter to pay Paul has seen a number of UK consumers building up significant problems for the future. Since the recession started to bite in the UK we have seen a significant rise in the number of "buy now pay later" deals as businesses struggle to attract custom and consumers struggle to finance their bargains. While it may be some time before the full extent of the "buy now pay later" phase is exposed it is potentially a lose lose situation for UK consumers and UK businesses.

It seems inevitable, bearing in mind the vast majority of the schemes are in some of the more socially deprived areas of the UK, that many consumers will be forced into bankruptcy and other similar situations. On the other hand, businesses which had been struggling to make ends meet and used "buy now pay later" offers to attract short-term business may well see significant debts go unpaid.

Even though the authorities, regulators and consumers groups around the UK have been warning about excessive credit in these recessionary times, it seems as though more and more people are being forced down this route when in fact they are only delaying the inevitable.

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