Black Friday bargain-hunters have been warned to be wary of the flood of “buy now, pay later” (BNPL) offers at the checkout, as debt charities report record numbers of people seeking help with shopping debts. More than one in three Britons plan to use this form of credit to stagger their Black Friday spending, according to industry data.
Citizens Advice said it was helping “more people than ever before” with BNPL-related problems, urging shoppers to take caution, especially if they are already struggling with bills. Money Wellness, a free money advice organisation, reported a record month for BNPL debt enquiries, with another spike expected in January and February as festive spending feeds through.
BNPL allows shoppers to split payments into three or four interest-free instalments, but missed payments incur charges and can damage credit scores. In 2024, more than 3 million UK customers missed payments, some pursued by debt collectors. The average BNPL transaction is £114, with fashion accounting for almost half of all spending last year.
The Financial Conduct Authority will start regulating BNPL from 15 July 2026, requiring lenders to carry out affordability checks. Until then, this will be the last Black Friday and Christmas without consumer protection. UK consumers are forecast to spend £6.4bn on Black Friday purchases this year, up slightly from £6.3bn in 2023.
