Paypal, Flybuys and Afterpay say more people are using financial products and rewards programs as households battle cost-of-living pressures.
Consumers with tight household budgets are using buy now, pay later services and redeeming loyalty rewards points to pay for everyday household items, a trend financial counsellors say risks pushing them toward spiralling debt.
“I’ve got this $500 car rego, I can split that into four payments. It just helps across one or two pay cycles,” Banks said. “It’s one of many choices that the consumer should have.” Meanwhile, Flybuys has observed a 30 per cent rise in points redeemed by members and a 150 per cent spike in the people redeeming points for the first time.
But despite the increase in engagement with these platforms as budgeting tools, financial counsellors and the National Debt Helpline are hearing more cases of people presenting with buy now, pay later-related debt and are calling for tighter regulation in the space.
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