Many were also reliant on BNPL - an unregulated form of borrowing - to buy gifts for loved ones, with three in ten (28%) 18-34 year olds saying they will use BNPL to buy their Christmas presents this year. The data comes in the wake of research** from the Financial Conduct Authority (FCA) which shows that frequent users of BNPL tend to be more likely to be in financial difficulty, such as having rising debts or missed bill payments. Creditspring’s own data shows that one in five (22%) 18-34 year olds who have used BNPL have previously got into debt using the service - with this figure still more than one in ten (13%) among the general population. Also concerning are the persistent misconceptions around BNPL as a form of borrowing. A third (32%) of young people don’t know that missing a BNPL payment could lead to being referred to a debt collector. The heightened financial pressure that comes with the festive season is weighing heavy on the minds of many, particularly for younger people. Two in five (42%) young people admit that they are more worried about their financial situation this Christmas than ever before, and three in ten (30%) say that Christmas will put them into debt this year. To cope with the increased financial strain, many are turning to borrowing to get by - some for the first time. In fact, one in five (21%) young people plan to use BNPL for the first time over the festive season. Neil Kadagathur, CEO and Co-Founder of Creditspring, comments: “The additional financial pressures that come with the festive season bring huge challenges for many, particularly those who may not have a financial buffer in place to fall back on. The danger for these groups is that they feel left with no option but to turn to unsafe forms of borrowing which may leave them at risk of falling into a credit spiral. “If used incorrectly, BNPL is one of these forms of borrowing. I stand firmly with the many organisations, consumer champions, and charities that are calling on the government to swiftly bring forward the much anticipated regulation for this form of lending. With the finances of many hanging in the brink, it’s imperative that they are able to access safe, affordable forms of credit that are transparent and which people can fully understand.” Creditspring provides a new way to access credit safely. FCA-regulated, it is a credit subscription service that responsibly offers short-term, affordable credit to borrowers. Members pay a fixed membership fee every month to allow them to access two no-interest loans per year with clear repayment terms, capped costs and no hidden charges, late fees or confusing interest rates.