Half way through 2020 – Klarna’s most successful year to date – concerns started to be raised about the amount of debt UK consumers were racking up as a result of the pandemic. Debt charity StepChange warned that a £6bn “personal debt tsunami” had been created. The government’s Money and Pensions Service predicted that the number of people needing help to manage their debts would rise by 60 per cent over an 18-month period.
