Buy now, pain later: The potential risks of the latest credit craze
After a tough 2021, buy now, pay later is a tempting option. But for low-income New Zealanders, the new form of credit poses big risks.
Natalie Vincent is worried. As chief executive of the Ngā Tāngata Microfinance Trust, she and the network of financial mentors and loan officers the trust works with regularly encounter low-income New Zealanders in need of financial aid and advice. Now, many of them are turning to a relatively new form of borrowing, and that’s what has Vincent so concerned.