Morgan, 25, from Liverpool, said he warned all his friends to steer clear of buy now, pay later.
He said that after he fell behind on a repayment to Klarna – the UK’s biggest buy now, pay later lender – he took out a credit card loan to pay it off.
Morgan said he had spent the past three years working his way out of that increasing spiral of debt.
“It just made me worse in life. I just wasn’t myself,” he said.
“I just turned to a closed shell, I was hot-headed, stressed, depressed.”
Morgan said it felt like all his friends had some kind of buy now, pay later loan, but added that he was determined never to take out another.
He said he had “learned my lesson now”, explaining that he considered himself lucky that he had managed to rent his current home for himself and his family despite his credit rating.
“I can just focus on getting my life back on track now,” he said.
In a statement, Klarna said it ran an eligibility check on every new purchase, adding that average customer debts were still well below that of credit cards.
The government has recently announced it planned to regulate the buy now, pay later sector.
The Treasury said it would introduce legislation to Parliament in early 2025, so the rules could take effect the following year.
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