Martin Lewis calls for that the "explosive" buy now the later market be regulated at "most velocity".

"Action required in two months"

Martin explained to the bipartisan group of MPs in the meeting that while these products may work if used correctly because they are unregulated, as borrowers don't have an ombudsman to go to if something goes wrong. He warned that action would be needed in two months, not two years.

The fact that these products are being marketed against the under-30s – especially by so-called influencers on Instagram – is also worrying, Martin said, and he said there was a risk that the sector would be overlooked by policymakers.

Martin also pointed out that these products are becoming so ubiquitous when shopping online that people could have taken them out without realizing it.

For more information on how these products work and the potential dangers, please see our Buy Now, Pay Later guide.

Check out Martin's evidence on other financial issues

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