One in five "buy now, pay later" customers missing payments, taking out loans to service debt ASIC report warns

Australia's corporate watchdog says some consumers are having to cut back on essentials such as meals because of debt they have racked up from using "buy now pay later" products warning one in five consumers are missing payments.  

ASIC has stopped short of recommending that the sector is regulated in the same way as credit card companies. 

Financial Counselling Australia chief executive Fiona Guthrie tells ABC's Peter Ryan that some consumers resorting to payday loans to service their debt.