"It felt like free money - then you think 'oh s***, I'm in £3,000 debt"
manchestereveningnews.co.ukA woman is warning others to "stay away" from using popular 'buy now, pay later' schemes after she was left with thousands of pounds of debt.
Chantal Derrick, 26, had been using companies like Klarna and Very to purchase items without paying for them right away. But the traffic management worker soon ended up £3,000 in debt after claiming the schemes felt like "free money".
Chantal admitted she had a 'bit of a shopping addiction' and is an 'impulsive person' therefore being able to buy now and pay later was 'dangerous' for her.
Klarna and VeryPay allow you to spread the cost of purchases by paying up to 30 days later or over three months. It comes as six financial advisory groups warned in an open letter last month that interest-free credit might look attractive but can lead to spiraling debt. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. Chantal, who has since cleared the deficit and shut all her 'buy now, pay later' (BNPL) accounts down, warned: "When you’re young and careless with money, it’s so easy to get sucked down the rabbit hole. “It feels like free money, and makes it so much easier to buy something.
Read more on manchestereveningnews.co.uk