Struggling families ‘stuck’ using buy now pay later for essentials
May 9, 2023
Struggling families are getting caught in a poverty trap by racking up hundreds of dollars of debt using buy now pay later schemes for meat, nappies and other everyday essentials, budget advisers warn.
Financial mentors are increasingly alarmed by the number of people buying groceries through lenders Afterpay and Zip, as low-income whānau struggle to cope with the cost of living.
At a Mad Butcher store in Christchurch, every shopper spoken to by RNZ was buying meat using a buy now pay later service.