Consumers have embraced ‘Buy Now, Pay Later’ products that allow them to pay for purchases in installments, but it’s not clear how many of these loans are out there.

Paywall removed: https://archive.is/9SYHz

  • Sumocat
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    596 months ago

    Phantom debt is debt that has not been reported to credit agencies. You know who hates not having that data on you? Credit agencies.

    • @EvacuateSoul
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      96 months ago

      Business cards are useful for this. I have enough revolving credit limits now that it doesn’t matter, but at one point I preferred to churn business cards, since a month’s worth of expenses could ding my credit.

  • @motor_spirit
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    526 months ago

    Maybe the government should actually try protecting people who are obviously too stupid to avoid these predatory practices. Maybe we should invest in an educated country. Maybe this is all working out just fine for businesses tied to politicians and therefore nothing more to worry about.

  • @venusaur
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    146 months ago

    Housing market collapse?

    • @ghostdoggtv
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      206 months ago

      Corporate ownership means the housing market will never collapse

      • @venusaur
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        6 months ago

        For sure, but there were individuals buying homes too. Also, no savings, no more Airbnb and maybe can’t afford rent. Corporations will lose money, but they can sit on properties indefinitely.

        • BigFig
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          96 months ago

          The eventual ending of a scenario can either be government stepping in to take back properties, or one of two darker outcomes, the people take back property by force, or the corporations defend property by force. Imo all outcomes are grim

          • @[email protected]
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            6 months ago

            Surprise twist, Yellowstone suddenly blows up before any of these scenarios play out. The few remaining bacteria take back the properties. With no more scentient life present, “grimness” ceases to be a concept and there is no reflection on the present situation, the past, or potential futures. The outcome simply is.

            • BigFig
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              46 months ago

              We can only hope for such an outcome

          • halfwaythere
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            6 months ago

            Ha! You think the American public has the backbone to take anything by force? Not fucking likely. Corps will utilize law enforcement who are already militarized. Large part of the bell curve of the population can’t even think for themselves let alone coordinate to do something productive. They haven’t got what it takes to stand up for themselves. They think they do but they don’t. This goes for both sides of the 2 party system.

    • @barsquid
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      46 months ago

      It will be a some sort market collapse. Wish I knew which industries to bet against.

  • @Fedizen
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    126 months ago

    new debt crisis just dropped

  • @return2ozmaOP
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    106 months ago

    Wells Fargo estimates that there’s about 46 billion dollars in phantom debt, and that’s just from "Buy Now, Pay Later.” And that’s just in the US alone.

  • Binthinkin
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    66 months ago

    You can take out microloans for groceries which is nuts but the US is dumb as fuck so ofc they’ll do it.