She expressed concerns about how easy it is for consumers to overspend and get trapped in debt due to the convenience and accessibility of BNPL services.
“It’s all about instant gratification. They want what they want now and they believe that they can pay for it later,” she said.
She highlighted the importance of financial literacy and responsible spending habits, urging consumers to carefully consider their financial situation before making use of BNPL services.
Mdm Nirmala also pointed out the potential risks associated with BNPL services, such as hidden fees or penalties for late payments, which could further burden consumers already struggling with debt.
In light of these concerns, she recommended that consumers seek out financial education and advice from reputable sources before committing to any BNPL services.
Overall, she emphasized the need for consumers to be more cautious and mindful of their spending habits in order to avoid falling into unnecessary debt with BNPL services.
