There is very little friction to prevent consumers from building up significant amounts of cumulative Buy Now Pay Later debt due to a lack of regulation. Therefore, it is vital that Financial Conduct Authority swiftly brings this rapidly growing lending market into line to ensure that consumers are better protected from the risk of financial difficulty.

Twenty-year-old university student from Blackpool Chloe* is one of the many young women who fell victim to the persuasive marketing tactics of companies like Klarna. Accumulating almost a thousand pounds of debt in short term finance payments, she said: “I think the reason people don’t talk about this debt much is because of the shame. It’s not a particularly nice thing to admit that I got into debt because I was buying clothes I couldn’t afford.”

The #SAVEIT campaign aims to address the classist disparities that cause young working-class people to be at higher risk of experiencing debt problems from BNPL. By offering accessible, inclusive information on credit and savings and raising awareness of marketing tactics and algorithms on social media, #SAVEIT hopes to empower young people to save themselves from overconsumption and debt. But government support is integral.

The government must follow through on its commitments to regulate this sector as soon as possible. This means adequate affordability checks, clearer explanations and more time for consumers to make an informed choice before signing up and fair treatment where financial difficulties arise.

The government announced that action would be brought in by late 2022, but this is not soon enough. To protect other young people like Chloe*, change is needed now. Sign our petition to demand change and better regulation sooner.