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BNPL and Black Friday: The Role of Credit Transparency Amid Rising Costs of Living

BNPL and Black Friday: The Role of Credit Transparency Amid Rising Costs of Living

Feature from

Feature from

29 November 2024

29 November 2024

With Black Friday today and amidst rising living costs, BNPL services will see increased use. 

While this convenience provides short-term financial flexibility, it also raises concerns about potential over-indebtedness, particularly for consumers already facing economic strain.

The transparency of credit data plays a critical role in mitigating these risks, this is why Qlarifi was founded. Currently, the lack of real-time, comprehensive insights into a consumer's BNPL usage can obscure their financial standing, leading to uninformed borrowing decisions. 

By capturing BNPL repayment histories across the industry, lenders and consumers alike can gain a clearer picture of financial health. This fosters responsible borrowing, reduces the risk of overextension, and builds trust in these services.

For many, BNPL is becoming a tool to manage immediate financial pressures, from holiday shopping to essential household expenses. However, without visibility across multiple BNPL providers, consumers may unintentionally over-leverage. 

Transparent reporting like Qlarifi’s that aggregate BNPL data will provide consumers with the clarity they need to make informed spending decisions during high-spend periods like Black Friday, ensuring affordability and financial stability in an increasingly challenging economic environment.

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Copyright 2024 Qlarifi Limited, United Kingdom. All rights reserved.

Copyright 2024 Qlarifi Limited, United Kingdom. All rights reserved.