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business reporter Rhiana Whitson

SHOCKING: Buy now pay later on the brink as bad debts and interest rates rise | Mind Blowing Facts

BNPL Interest Rates Daniel McCarthy Peter Gray Stephen Jones Afterpay Grant Halverson John Gunn Simon Tucci Zip

Buy now, pay later has allowed Daniel McCarthy to grow his online business. (ABC News: Simon Tucci )

Buy now, pay later products such as Afterpay and Zip have become a popular payment method, but the sector is facing a perfect storm of rising interest rates, bad debts, a crowded marketplace and looming regulation.

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