Black Friday fuels debt fears as Britons go on buy-now-pay-later spree

Critics say the BNPL platforms risk normalising and glamourising debt – charges strongly refuted by Klarna and other lenders. — Dreamstime/TNS

LONDON: As British shoppers gear up for a multibillion-pound Black Friday and Christmas splurge, lawmakers have called for urgent regulation of 'buy now, pay later' fintech services, which they say lead many people to spend beyond their means.

Britain has seen an explosion of online platforms such as Klarna, Clearpay and Laybuy, which let consumers buy goods interest free and spread out payments.