In the Corona crisis, people ordered more online than before.
However, when shopping extensively online, many have ignored the fact that they are living beyond their current financial circumstances.
The reason for this is that the goods are rarely paid for when the order is placed, but only with a two-week delay or in future installments.
This is made possible by the “Buy now, pay later” method, which more and more online retailers are offering together with payment service providers such as Klarna and which consumers are increasingly using.
"Klarna and Co. want to make payment as easy as possible so that no customer has to think about: How much money do I still have in my account, what limit do I still have on the credit card?", Says Bernd Richter from the financial technology company FIS.
The temptation for buyers to postpone paying is particularly tempting for younger people.
In a survey of 18 to 34-year-olds, more than 70 percent said they would shop more spontaneously and use higher-quality products if they did not have to pay immediately.
Especially those who have little financial education “are lured into the trap,” says Birgit Vorberg from the North Rhine-Westphalia consumer center.
Initial data from the USA show that 40 percent of those who use “Buy now, pay later” missed their payment terms. In the UK, this happens to one in ten people. The UK government is already planning a law to protect consumers from high levels of debt.