Buy now, pay later schemes: New platforms empower users but could also be debt traps

The rise of 'buy now, pay later' platforms is causing young people to overspend whenever they shop

Buying things under an instalment plan with a credit card is not new - most, if not all families here, would have done so.
Buying things under an instalment plan with a credit card is not new - most, if not all families here, would have done so.ST PHOTO: KELVIN CHNG

If you have a headache, would you split an aspirin into three small portions and ingest the medicine slowly so that the pain lasts longer? Of course not.

Most of us would dismiss this as just plain silly. Why would anyone want to prolong the pain when one can just end it?

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