The research found there is still confusion about financial products. Two-thirds of people do not understand what a credit card APR is and more than half are unaware that BNPL regulation is underway. However, Brits are clear on their priorities for financial products, with 44 percent wanting a product that charges no interest at all.
With the average household credit card debt sitting at £2,534* compared with £51 for the average active Clearpay customer, you can understand why Brits are gradually changing the way they pay.
More options mean more people can access exactly what they need. As money expert Ellie Austin-Williams comments: “A wider range of financial products benefits consumers by giving them the flexibility to choose options that suit their needs. It’s essential for people to understand their payment choices and select a product that aligns with their financial priorities, whether that means opting for an interest-free option or the ability to spread payments. The upcoming regulation of BNPL is a welcome change, offering consumers greater confidence in using the payment method that works best for them.”
For too long traditional credit systems have relied on consumers remaining and even accumulating debt. With the introduction of BNPL services and Clearpay leading the way after being awarded ‘The UK’s most trusted Buy Now Pay Later’, consumers are being prioritized for the first time.
For too long traditional credit systems have relied on consumers remaining and even accumulating debt.
It’s not just consumers who will benefit either. From a business perspective, Clearpay and other providers help merchant partners reach new customers and retain existing ones.
With nearly half (49 percent) of respondents believing that BNPL regulation will encourage more UK retail spending and support economic growth, it’s clear that regulation could lead to better outcomes not just for consumers and businesses, but also for the UK’s retail industry as a whole.
1] Survey conducted by Censuswide for Clearpay, Feb 2025. Sample: 3,000 UK adults.
*Credit & Charge Card balances – Oct 24 | The Money Charity.
Based on the Fairer Finance 2025 Gold award for Most Trusted in Buy Now Pay later.
Clearpay figures: Clearpay internal data Feb 2025. Clearpay is unregulated credit. Please use responsibly. T&Cs, late fees of up to £24 per purchase apply clearpay.co.uk/terms.
