Start Date: 2024-10-26
End Date: 2024-11-01

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Impact of BNPL on Consumer Debt Discussed in Canadian Parliament

During a House of Commons Standing Committee on Industry and Technology meeting, discussions centered on the implications of 'buy now, pay later' (BNPL) schemes. Sylvain Charlebois and Samantha Taylor from the Agri-Food Analytics Lab emphasized the need for restrictions on BNPL options for essential items like groceries. Credit card debt and its effects on millennials and Gen X were also debated. The potential impact of the carbon tax on the agri-food sector was noted. Consumer insolvency rates and the role of credit card debt were assessed, with current bankruptcy levels remaining below pre-pandemic figures.

Sources: ['Transcripts: parlvu.parl.gc.ca']