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Checkout credit providers have been accused of making it too easy for young people to get into financial trouble, after research found they often didn t realise they were taking on debt.
A survey of 2,700 users of buy now, pay later services like Clearpay, Klarna, Laybuy, Openpay and PayPal found more than half of 18-34-year-olds had signed up without realising, while 35 per cent went onto regret their debt-fuelled purchases.
Two in five of those surveyed by Citizens Advice between January in February felt what they had signed up for was not proper borrowing in the same way a credit card or loan was, and 42 per cent didn t fully understand what they were signing up for.
This astounding sum belongs to around 10 million people, the firm estimates.
In May 2020, it was announced that £150million from dormant bank and building society accounts would be unlocked to help charities, social enterprises and vulnerable individuals during the coronavirus pandemic.
The topic of money sitting in dormant bank accounts was also discussed last week, on the BBC One show Morning Live.
Ahead of the Budget, on Wednesday, finance expert and campaigner Alice Tapper appeared as a guest on the show, sharing her thoughts on what the Chancellor of the Exchequer Rishi Sunak could announce.
Bank account details can be hard to keep track of for some (Image: GETTY)