mo4ch:>Buy now, pay later 'growing fast' amid debt fears

Buy now, pay later 'growing fast' amid debt fearsBy Kevin PeacheyPersonal finance reporter 27 February 2020 Image copyrightKlarnaImage captionKlarna was launched in the UK in 2014Buy now, pay later services for online shoppers are growing at 39% a year, a report says, despite worries that young consumers are sleepwalking into debt.Operators such as Klarna and Afterpay allow customers to delay payment or buy through interest-free instalments.Convenience and the ease to make snap purchases are behind their popularity, according to the report by payment processors Worldpay.But consumer groups say many young people are ignoring the debt risks.Debt threat stalks households in JanuaryThe rapid rise of 'Buy now, pay later'Klarna has announced that seven million people have used its services in the UK, twice as many as a year ago. Among them was Crystle Pearce, who bought a Peloton stationary exercise bike on Klarna after going into the store and asking about her credit options. I…