One in five consumers using buy now, pay later miss payments, ASIC says

Is this a surprising statistic?

The consequence of missed and late payments generally includes higher interest rates or penalty fees – but that’s also how finance companies make their money too, isn’t it?

If there’s one important lesson from this, it’s to teach your children about financial literacy and financial management. Learning it while they’re young hopefully means they won’t have to learn it/pay for it when they’re older.

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Australia’s corporate watchdog says some consumers are suffering harm from using buy now, pay later, warning one in five consumers are missing payments, allowing six companies it examined to rack up more than $43 million in late payment revenue over one year.