Are banking apps luring young people into debt?

Last month, my bicycle got a flat tyre. ‘Both of those tyres are gonna need replacing and you’ve knackered your sprockets,’ huffed the bike man. The bill came to £230. It’s the kind of irritating expense that means I run out of beer money a week before payday.

I’ve always assumed I’m a reasonably normal spender. Work pays me, the money gradually disappears over the month, with hopefully a bit left over for my Isa. I’m vaguely aware that something exists called a ‘credit card’, but my parents always made clear to me that if you don’t have the money for something, don’t buy it.

Where I differ from older spenders is that like many under-thirties I use a Monzo card. It makes it easier to split bills with friends and to keep track of spending. And Monzo, which is one of those upstart banks, offers something called ‘Flex’. It’s credit, rebranded for millennials.