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Martin Lewis voices concerns over buy now, pay later schemes

Personal finance expert Martin Lewis says he is 鈥渋ncreasingly concerned鈥 about buy now, pay later schemes.

Speaking on the Ask Martin Lewis podcast, he said the unregulated schemes - which allow people to buy items online and pay at a later date, often in instalments - are an 鈥渆xplosive form of credit that鈥檚 becoming quickly dominant鈥.

He urges all consumers to 鈥渢hink carefully鈥 before choosing to buy now, pay later and make sure they understand 鈥渋t is credit and a form of debt.鈥

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3 minutes