Buy now, pay later firms are set to come under the scope of the Financial Conduct Authority, with proposals outlined by the regulator on Friday for the rules they will need to follow. The new regime is due to get under way from July 15 next year, with new protections for BNPL borrowers to give them more transparency and certainty. In the meantime, StepChange Debt Charity has suggested some ways that borrowers can manage BNPL products and avoid possible pitfalls: 1. Pause at the checkout, and ask yourself: “If I wasn’t using credit, would I buy this?” BNPL is seen as a way for retailers to increase sales, so taking a moment to pause could be essential. 2. Make sure you know which type of service you are using, and what the consequences of missing a payment are. Different buy now, pay later services have different terms and conditions and different consequences for not paying. Do your research and always make sure that if you are taking out credit it is an informed choice. 3. Make sure you are certain you will have the money to pay it back. Life is unpredictable, in fact the majority of StepChange clients who find themselves in difficulties with credit end up in that situation because of an unpredictable life event. 4. If you do start to struggle, get advice right away. If you reach the end of the month and find you are struggling to afford your debts, then you may benefit from free debt advice. Debt help charities can help people to see the right path.