Comment on Buy Now Pay Later and Grocery Debt

“With the cost of living at a thirty-year high, financial support for people and families living with debt is more important than ever. BNPL platforms which are now available for grocery purchases may ease some short-term burden for those who need it – offering greater flexibility and ensuring that families aren’t going hungry. These services can not only offer individuals smart ways to budget but are potentially cheaper than high-interest credit cards or payday loans.

“However, as these services grow in popularity, there needs to be just as much support for people who end up in problem debt and cannot make their payments as there is at the time of purchase. If technology makes it easier to pay and potentially build up debt, the same technology needs to provide support to those struggling to meet repayment dates. This is what we focus on at Ophelos – providing the tools and support that ensures debt resolution is part of a healthy financial and customer experience.

“As the cost of living soars more people will inevitably fall into debt, and face issues keeping up with their repayments, be it BNPL, credit cards, or other credit products. It is therefore crucial that BNPL providers are mindful of vulnerable customers, and consider debt resolution as a key area of investment to ensure that individuals that face financial hardships are supported.”