Buy-Now-Pay-Later (BNPL) is a relatively new form of consumer credit that you might have noticed as a payment option when shopping online or in person. However, there is little analysis in the public domain about who is using BNPL credit in the UK and its contribution to total household debt. We have used the Bank’s NMG Consulting survey to reveal that BNPL borrowers are typically younger adults and renters, and are more likely to report signs of financial distress. What is BNPL? Defining exactly what BNPL is can be tricky. The only thing all BNPL products have in common is they allow users to defer payment across ... (full story)