Buy Now But Know How Much You’ll Pay Later

When it comes to taking credit, consumers are spoilt for choice these days. Loans and credit cards have been relegated to the quintessential realm, with new-age options like buy-now-pay-later (BNPL) schemes taking the market by storm. While BNPL schemes bring convenience to the table, they are also riddled with risks for indisciplined borrowers in terms of high interest cost. The market for credit is growing. According to a report named A Review of India’s Credit Ecosystem, released in June 2021 by Experian, a global information services company, and Invest India, an agency for investment and facilitation, India’s credit ecosystem remains resilient despite the pandemic. “Today, in India, there are 35 million customers having about 60 million credit cards. But there are about 190 million Indians on one credit bureau itself. The 35 million customers will grow to 100...