Martin Lewis has issued a warning over a popular payment method ahead of Christmas. The BBC Sounds star and ITV Good Morning Britain and This Morning regular has issued an alert to Christmas shoppers as we approach the festive season, over buy now pay later.

Taking to Twitter/X, Martin warned: "Dear govt, please don't be yankers. Today I've teamed up with @WhichUK & @CitizensAdvice to plead with the govt not to shelve its planned buy now pay later regulation. My quote... "The Government hasn’t said it’s doing a u-turn, but it’s hard not to hear the screech of the handbrakes and the yank of the steering wheel.

"I desperately hope the Government won’t be yankers though, this regulation is needed, and needed soon. "BNPL, used right, can be a decent way to spread the cost of planned purchases. Yet too often people sign up without realising it is a DEBT, what happens if they can’t pay, or take it on when it’s unaffordable.

READ MORE ITV This Morning choose sensational co-host for Cat Deeley - and they've got history

""Regulation was so close we could taste it – the Ts just needed crossing, and the Is dotted. Yet now we’re facing another Christmas, amidst a cost of living crisis, when people under financial pressure are tempted to borrow, and to spend, by this ubiquitous form of debt-payment. "The industry says the credit laws are imperfect. They’re right.

"They’re imperfect for all other debts too – but they’re far better than nothing. And BNPL is a debt – it needs controls and regulation. Crucially, that’d ensure it’s promoted correctly, and would give people a legal right to go to the Ombudsman when it goes wrong. "I’d welcome better rules, but they take time, so let’s get the current regulations in place, then all work together to make them better.""

Dame Clare Moriarty, chief executive of Citizens Advice, said: "The cost-of-living crisis continues to have a vice-like grip on people's budgets, with many being squeezed beyond breaking point. Under such pressure, it's hardly surprising more and more consumers are turning to quick, all too often unaffordable credit options like Buy Now Pay Later (BNPL). In fact, there’s been a 37% jump in its use since 2021, and we only expect this to increase.

"While BNPL can be a good option for some, our message is clear: unaffordable credit is never the answer. The Government must act on its pledge to bring the BNPL market into line." Rocio Concha, Which? director of policy and advocacy, added: "Buy now, pay later can be a convenient way to pay for millions of consumers. However, a lack of information about the risks attached to using this payment method can mean some users are unaware that they are taking on debt.

"It's now been two and a half years since the Government promised to urgently regulate BNPL due to the harm it was causing consumers. With more people turning to BNPL to pay for essentials, that harm has increased. Consumers using this payment method need proper protection – something even BNPL providers agree with. The Government must regulate BNPL immediately."