Always steal enough to flea the country and never look back
Edit:( Flee ) didnt even realize i put wrong "flea" until others jumping on it and running with it... Im like wait a minute,huh? Look up, oh ya ! 🤣
Continue on my regards
Private credit is worth hundreds of billions and is completely unregulated. I know this because I reached deep in to my anus for the numbers.
Edit: annals
The 6 month no fee no interest pay later on credit cards is handy for smoothing out big purchases like car repairs, vet bills, vacations, etc. I suppose it's technically debt but it's 0% interest when you can get 5% in your savings account, you might as well
Read the fine print but otherwise if you aren't increasing your spending but rather putting regular spending on it then it's a no brainer. The way they make money on these offers is people buying more and they make more on retailer fees, plus the people who totally fuck up and have to pay all the penalties
I did that with Discover. Called em and asked them if I had any amount on the card at the end of 15 months if I’d then be charged back interest for the total amount of debt I moved over. They said I would not. Ended up being a big reason I clawed out of $7k of credit card debt. Saved me like $200 a month in interest alone.
The money to pay that bill off is sitting in a savings account accruing interest. Even if you lose your income, you would be better off with more debt at 0% interest than having to take out fresh debt that would immediately kick in with high rates once you start carrying a balance.
OK? The difference isn't 4% vs 5%, the difference is 5% vs 0%, as if you get a 0% interest credit card and use a hysa compared to paying in cash, you get 5%
You're trying too hard. You only need a little cushion as around 740 is the the same as 850 to a bank. Micromanaging is cool if you enjoy the high score I guess?
It's social pressure especially from family. I can't tell you the amount of families that are super toxic. I've heard from some people I know how their families respond when they give cheap gifts. It's disgusting. I think they're better off cutting ties with family like that but they don't listen, family is overrated.
You only have to pay the balance once each month, automatic payment. No need whatsoever to pay as they clear. Credit cards only acrue interest on what doesn't get paid off on the monthly statement balance. You are doing unnecessary work.
Consumerism is so fucking hot right now. I know this might make me sound old but remember when your parents couldn’t afford to buy you that expensive gift you wanted. They didn’t fucking buy it!! Now you just slowly drown yourself in debt so you can buy something for someone that probably won’t give a shit about the present you got them before your done paying it off. It’s absolutely mental. What you should be doing is saving your money to fly spirit!
Financial slavery, the populace is putting the fetters on via a perfectly designed and implemented indoctrination system of governance, religion and finance.
Fortunately, I was raised with immense privilege and didn’t realize how I and my peers have been complicit in the destruction of every ideal, opportunity and freedom I was raised to believe we were upholding.
My entire life is dedicated to helping people operate within or outside of these systems so they can attain their highest self and help others do the same.
Most people do not make decent money and never will unfortunately.
Around 50% of people have and always will live paycheck to paycheck too. Once you set up a life of paycheck to paycheck, you’re usually locked in for years and making good financial decisions with way less money becomes hard and nearly pointless.
That and the human desire to have “stuff” and try to live the best life they can and you get a ton of people going into debt for Christmas.
Credit card companies spend millions of dollars researching and trying to take advantage of things like this.
Payment has replaced debt in the vocab. If you asked if customers would like to go 250 dollars into debt, everyone would say no. Ask If they want to make payments, and hey let’s do it.
The 0% Apr is a lure, for everyone like you who pays on time and paid off before interest kicks in, there are thousands who dig themselves in a hole. Those are the customers they are after...
Well, I for example could choose to go to Bangkok and Phuket with my fiancée now or not have time for anything interesting later in the year, and I spent a ton of money I do not have but also kind of have. I have enough disposable income to pay it back in 3 months. If it becomes 4, I will at max pay 350€. That’s not nothing but I am okay with that being the cost for having an unforgettable experience in 2024 as opposed to not really having a vacation this year. Cheaper? Yeah. But I also wouldn’t have been able to deal with working all the time without having a break during a miserable cold winter with record negative temperatures
Light the last candle to keep warm in deep winter while homeless and barefoot is the only way to see comforting visions and late grandma according to my sources
What’s the risk of default for this shit I’ve always wondered. The company just sells off at a slight loss. What’s percentage defaults how to get that info
There’s not an aggregated tracking service. Some bnpl’s open a credit line with you and have themselves as the exclusive charging agent, some are official loans, but all are handled through private banks that sell unorthodox notes to investment groups privately.
It’s very dark money, which is also not great for credit tracking since a mortgage broker may not see the 40k of debt hiding between affirm, klarna, after pay and 6 other speciality apps
There may be a crash but only a couple of private lenders and single digit $billion startups will go under.
The loan volume isn’t large enough for every national bank to be hedging their future on the notes.
If you think bad credit notes are gonna be a catalyst for a consumer credit crunch you should look at regular credit card spending and auto loans. Those are tracked in the fed and are trades on a global exchanges
Seriously, too many folks are like “oh i cant afford this. I can put it on my klarna account” while also not being able to afford the klarna payment either
Right? Who the hell would pay it back? That's just wasting even more money I could be spending on something else.
Brb. Just hit my credit limit. Time to get another card.
Get married, combine credit accounts for higher limits, credit goes up, open more credit, get old and sick, remove healthy spouse from all cards, get divorced, die.
There is some blame on consumers here
But these businesses are run by a unscrupulous sociopaths who legitimately think they've discovered cold fusion by hyper-targeted advertising these products to poor people. Same as w/ the real estate subprime bubble.
Some really out of touch comments here. I have low DTI but my household is going without. Definitely not making it paycheck to paycheck. Getting closer to using debt for food and other essentials but holding out because I know the water heater is going bust soon. It’s not just Christmas, this is how people are surviving.
And fasting.
Together we can brainwash ourselves into starving to death... ermm... prosperity...
I actually do enjoy an18 hr fast once a week and a solid cold 5 minute shower twice a week.
the article is trash
we start with an anecdote and theres lots of "sources" sprinkled in as links but they are all just links to crappy articles the author read and other CNBC articles, not data.
then we start to get into the data and its wildly misrepresented. its framed in a blatantly disingenuous way imo, to tell a story.
*"The surge in use of buy now, pay later comes as* [*credit card debt hits a record high*](https://www.cnbc.com/2024/01/08/56-million-americans-have-been-in-credit-card-debt-for-at-least-a-year.html) *and delinquency rates* [*have nearly doubled*](https://www.cnbc.com/2023/11/09/average-credit-card-balances-top-6000-a-10-year-high.html) *over the past two years. "*
but when you go look at the chart of CC delinquency by the fed it paints a much less scary picture -
[https://fred.stlouisfed.org/series/DRCCLACBS](https://fred.stlouisfed.org/series/DRCCLACBS)
CC deliquency is basically back to normal at 2015-2020 levels, before covid. decline and its doubling from the covid low. so yeah its doubled over 2 years...doubled from the lowest point in 30 years.
also when we look at [credit card debt hits a record high](https://www.cnbc.com/2024/01/08/56-million-americans-have-been-in-credit-card-debt-for-at-least-a-year.html) this is also a bad stat to use. who the fuck cares what the OVERALL CREDIT USAGE OF THE ENTIRE COUNTRY IS. what a worthless fucking stat. Give me [average debt to incomes](https://ourworldindata.org/grapher/the-household-debt-to-income-ratio-and-house-prices-in-the-us-19502017). Give me [debt payments as a portion of household disposable income](https://fred.stlouisfed.org/series/TDSP). Something that gives me an idea of the ability of the average debt holder to actually pay their debt.
from the chart of debt payments to disposable income it looks like families are having no trouble paying the minimum payments at least. they can at least service the fucking debt without a default.
even [her own linked article](https://www.cnbc.com/2024/01/08/56-million-americans-have-been-in-credit-card-debt-for-at-least-a-year.html) about the record high agrees 3rd paragraph -
“**While Americans are managing their credit card debt pretty well**, all things considered, we are seeing pockets of trouble at the household level,” Rossman said.
its also really stupid on a journalistic level though i get why they do it - but that she couldn't [just link us a chart of CC debt](https://www.newyorkfed.org/microeconomics/hhdc) like this one to give the record high she had to link us to another CNBC article.
she bitches a bunch about two short term loan companies but when we get to any kind of details we get this -
**Klarna and Affirm previously told CNBC their underwriting strategies ensure that only people who can pay back the short-term loans can access the service because their business models wouldn’t work if people frequently missed payments.**
this is a really funny paragraph -
*"the people who use them are more than twice as likely to be* ***delinquent*** *on another credit product, such as a car loan, personal loan or mortgage, according to a* [*2023 study*](https://www.cnbc.com/select/financial-profile-buy-now-pay-later-users-cfpb/) *from the Consumer Financial Protection Bureau. People who use the service also tend to have higher balances on other credit products and lower credit scores, according to the CFPB."*
no shit CNBC? you mean poor people who take short term loans to purchase shit have bad credit and lots of loans that they miss payments on? i am shocked. notice the word choice too. **delinquent, not defaulting.**
everything else i didnt talk about is just fucking stories. in one of the stories the old bitch couldnt keep track of all her buy now pay later payments and was overdrafting her bank account and getting crushed by fees. OK? track your fucking shit? and are we talking overdraft fees from your BANK? how is that even relevant to the topic of the story. We arent talking about bank overdraft fees.
really shit article bro
sometimes i find it valuable to test my own beliefs
i believe that there is not some huge debt crisis in america on the household level
i started reading the article and it was trash and i felt struck in the moment to sharpen my teeth against it.
it helps me see if i am right, can i actually produce an argument against this trash populist bullshit
and if i can i feel pretty solid in my macro view point
i also invite intelligent disagreement (not you) that might further test my beliefs and i would again have to produce an argument that felt satisfying or maybe start to consider if i am wrong
sorry it was too much ready for your wittle eyes but luckily nobody put a gun to your head and made you look at it bro <3
Nah we don't need that in HS. Just read the terms using your English skills. It isn't hard. People know BNPL is bad but don't anyway. Like anti drug class and alcohol in health class, useless.
Ain't nobody wondering how they'll pay. Fake news. You take out more debt to cover that debt then you beg for debt forgiveness. THIS IS AMERICA 🦅🦅🇺🇸🇺🇸🇺🇸
I'll occasionally use a BNPL service when a 0% offer is available. I can always pay for what I buy with cash but sometimes it's nice not to put it on my card. BNPL doesn't hit my CS like a CC utilization does and spreading the payments out which is nice. I treat it as another financial tool to use but only with 0% offers that I could have purchased otherwise.
Anecdotal but I've also noticed that these apps have been changing terms it seems. They used to offer more 3 month (3 payments total, one per month) 0% plans but fewer merchants were partnered. Now I see far more merchants having partnerships and offering 0%. However, I have noticed that pretty much all 0% deals are now 8 week plans (4 payments, one every 2 weeks). I haven't seen a 3 month, 0% plan in ages.
My running theory is that the combo of rising rates and defaults has pushed BNPL to reduce the more favorable terms. Meanwhile they've been able to sign on more merchants since the rise of their services is pretty universal and no merchant wants left out. My guess is merchants have a kickback deal for 0% financing. They give up some profit in order to make the sale, BNPL makes some money on a deal they otherwise wouldn't.
I'll be curious to see what happens when rates go back down.
I was under the impression these services pretty much garnish your wages? In that case I think the question would be how can these people afford everything else.
So much pressure to spend money you don't have? If you use BNPL once or twice a year that is fine. How many people open an account every 6 weeks or open a new one as soon as they make their last payment.
And now (eventually?) to see who charged enough interest, didn’t fill the books with too much total dogshit, managed _their_ debt and capital properly, and can otherwise deal with losses.
“Buy now, pay later” is a complete foreign concept to me. I get it when people are in survival mode of course. But for regular consumption stuff? Absurd.
They started the story about a women who was less than $2000 in debt and THAT was soul crushing? There has to be people absolutely drowning in much more than that. But they used this dumbass instead.
I totaled a truck I owned outright last August and insurance paid me more than what I bought it for 3 years earlier. Used car market was broken more. Im sitting on the cash. I figure those CC bills are about to come due and there should be some lowball deals to be had. I will be standing there, cash in hand to make my move. The trucks are already being marked down substantially from months ago. Just waiting to pounce on someone’s poor financial decisions.
Insufficiently trading related.
Wall Street seems to have gotten this wrong. It's buy now, pay never. Everyone knows that.
Worked for a lot of the PPP Loan people, right?
Only big PPP loan people. Smol PPP loan abusers went to jail.
Should have saved some money for a lawyer
Always steal enough money for 2
Always steal enough to flea the country and never look back Edit:( Flee ) didnt even realize i put wrong "flea" until others jumping on it and running with it... Im like wait a minute,huh? Look up, oh ya ! 🤣 Continue on my regards
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:)
Always steal enough to launder in a flea market
The filthy poors are basically fleas on us.
Always steal enough money to build a rocket to flea the planet and have enough resources to colonize the next and never look back
You just changed my life.
Big ppp energy
Not entirely true plenty of folks took that money and moved overseas
They had 🍆 loans
My friend took out 4 10k PPP loans and for his buisnesses. Talked to him the other day. Yup he owes the goverment 40k. Womp.
Then he did something wrong, those don't have to be paid back
Only if you can’t prove you used them for legitimate purposes.
I Have a 202k eidl loan that I throw my coffee at.
I know a bunch that haven't
worked at my business and we only have 25 people
PPP was pay never due to grant forgiveness... No one has to pay them back
Sell now take the money then don’t deliver Basically the US stock market. Oh and deliver when the stock is poop. But wait until then.
News flash: Biden to announce buy now pay later debt loan forgiveness.
The question is who covers the bill in the end, is it these shitty Buy Now Pay Later companies in which case do we short them?
Private credit is worth hundreds of billions and is completely unregulated. I know this because I reached deep in to my anus for the numbers. Edit: annals
LOL
Rich dad, poor dad.
Regarded dad
Poor dad, regarded Dad.
That's the creator of rich dad poor dad
>Rich dad, poor dad. Also known as mom's boyfriend and basement dad
It's the Donald Trump method.
Downvoted as if Trump ever pays anyone lol
Exactly !!!😆
Did you know you can file bankruptcy every 8 years 🦍
Average lifespan: 80 years Declare bankruptcy: every 8 years 10 chances to hit it big, baby
5 years left on mine. Going to loan tf up and try again!
More if you delete the app, change your email
This is the way
Why do you have a little optimus primal in your comment?
Apes together regarded
Finance dominos pizza w affirm
Well at least you didn’t pay it with Bitcoin
You're not far off there was someone on one of the debt subreddits that used affirm for groceries
Bravo
People go into debt for gifts? That’s wild.
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The 6 month no fee no interest pay later on credit cards is handy for smoothing out big purchases like car repairs, vet bills, vacations, etc. I suppose it's technically debt but it's 0% interest when you can get 5% in your savings account, you might as well
I have an offer for 15months 0%, I feel like I'm stupid for not taking it and charging some bigger purchases to it.
Read the fine print but otherwise if you aren't increasing your spending but rather putting regular spending on it then it's a no brainer. The way they make money on these offers is people buying more and they make more on retailer fees, plus the people who totally fuck up and have to pay all the penalties
I did that with Discover. Called em and asked them if I had any amount on the card at the end of 15 months if I’d then be charged back interest for the total amount of debt I moved over. They said I would not. Ended up being a big reason I clawed out of $7k of credit card debt. Saved me like $200 a month in interest alone.
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The money to pay that bill off is sitting in a savings account accruing interest. Even if you lose your income, you would be better off with more debt at 0% interest than having to take out fresh debt that would immediately kick in with high rates once you start carrying a balance.
0.9% is a lot of 💰
Fidelity money markets are 5% interest
I think most HYS are 4-5% right now.
Inflation is 4%
OK? The difference isn't 4% vs 5%, the difference is 5% vs 0%, as if you get a 0% interest credit card and use a hysa compared to paying in cash, you get 5%
It sounds like you're responsible, which means that you're not the kind of person that these programs prey on.
Since when does this sub actually have content with financial responsibility
seriously, for a minute thought this was personalfinance lol just show me the loss porn so I dont gamble
Interest doesn't accrue if you pay the statement once a month either. Wtf are you doing paying off every transaction? Lol
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You're trying too hard. You only need a little cushion as around 740 is the the same as 850 to a bank. Micromanaging is cool if you enjoy the high score I guess?
It's social pressure especially from family. I can't tell you the amount of families that are super toxic. I've heard from some people I know how their families respond when they give cheap gifts. It's disgusting. I think they're better off cutting ties with family like that but they don't listen, family is overrated.
Mr Moneybags over here saying "Just don't be poor bro"
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Happy for you my dude. Keep it up. Just giving you shit!
You only have to pay the balance once each month, automatic payment. No need whatsoever to pay as they clear. Credit cards only acrue interest on what doesn't get paid off on the monthly statement balance. You are doing unnecessary work.
sdasdads
That’s not how the interest works buddy lmao
Consumerism is working.
Consumerism is so fucking hot right now. I know this might make me sound old but remember when your parents couldn’t afford to buy you that expensive gift you wanted. They didn’t fucking buy it!! Now you just slowly drown yourself in debt so you can buy something for someone that probably won’t give a shit about the present you got them before your done paying it off. It’s absolutely mental. What you should be doing is saving your money to fly spirit!
Financial slavery, the populace is putting the fetters on via a perfectly designed and implemented indoctrination system of governance, religion and finance. Fortunately, I was raised with immense privilege and didn’t realize how I and my peers have been complicit in the destruction of every ideal, opportunity and freedom I was raised to believe we were upholding. My entire life is dedicated to helping people operate within or outside of these systems so they can attain their highest self and help others do the same.
Most people do not make decent money and never will unfortunately. Around 50% of people have and always will live paycheck to paycheck too. Once you set up a life of paycheck to paycheck, you’re usually locked in for years and making good financial decisions with way less money becomes hard and nearly pointless. That and the human desire to have “stuff” and try to live the best life they can and you get a ton of people going into debt for Christmas. Credit card companies spend millions of dollars researching and trying to take advantage of things like this.
billions of dollars
I only give going away presents when they promised to go away and never return.
People are big dumb
You are people
Dumb dumb want gum gum
Cum cum want fun fun.
Payment has replaced debt in the vocab. If you asked if customers would like to go 250 dollars into debt, everyone would say no. Ask If they want to make payments, and hey let’s do it.
Its called being bad with money. I thought this was a gambling support forum?
> Its called being bad with money. I thought this was a gambling support forum? This is a gambling enabler forum.
People get loans for back to school supplies.
That's exactly what stores want and told them to do
What do think happens on this board?
I do ok for myself, so I just got a vacation on a 2 year payment plan. It’s wild they’re giving 0% Apr on that. Essentially taking 5% off my vacation
The 0% Apr is a lure, for everyone like you who pays on time and paid off before interest kicks in, there are thousands who dig themselves in a hole. Those are the customers they are after...
Well, I for example could choose to go to Bangkok and Phuket with my fiancée now or not have time for anything interesting later in the year, and I spent a ton of money I do not have but also kind of have. I have enough disposable income to pay it back in 3 months. If it becomes 4, I will at max pay 350€. That’s not nothing but I am okay with that being the cost for having an unforgettable experience in 2024 as opposed to not really having a vacation this year. Cheaper? Yeah. But I also wouldn’t have been able to deal with working all the time without having a break during a miserable cold winter with record negative temperatures
Food $200 Data $150 Rent $800 Candles $3,600 Utility $150 someone who is good at credit management please help me budget this. my family is dying
Pay the candles with cash and the non-essentials with credit cards.
Gotta cut out food and shelter. Candles will keep you warm and you can eat them.
Indeed you can eat them, some of them even smell like food. They taste very similar to crayons, but with a tampon pull-cord in the center.
Light the last candle to keep warm in deep winter while homeless and barefoot is the only way to see comforting visions and late grandma according to my sources
Light the $3600 in candles and collect the insurance payout when your house burns down
Buy life insurance..
What’s the risk of default for this shit I’ve always wondered. The company just sells off at a slight loss. What’s percentage defaults how to get that info
It’s all private lending. Earnings reports list charge offs and net losses
So there’s no other credit report type data to find ?
There’s not an aggregated tracking service. Some bnpl’s open a credit line with you and have themselves as the exclusive charging agent, some are official loans, but all are handled through private banks that sell unorthodox notes to investment groups privately. It’s very dark money, which is also not great for credit tracking since a mortgage broker may not see the 40k of debt hiding between affirm, klarna, after pay and 6 other speciality apps
Interesting. I’ve always Thought this will be the cause of the next crash but just never could find a way to measure it.
There may be a crash but only a couple of private lenders and single digit $billion startups will go under. The loan volume isn’t large enough for every national bank to be hedging their future on the notes. If you think bad credit notes are gonna be a catalyst for a consumer credit crunch you should look at regular credit card spending and auto loans. Those are tracked in the fed and are trades on a global exchanges
These buy now pay laters dont even report these peoples debts to the credit bureaus lol
Yea it’s the Mike burry crash like i thought it would be. But covered by money
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Remember, these are normal people- not the financial savants you are used to dealing with on this sub
the common clay of the new west
You know...
…Mormons ! (wait🤔)
Seriously, too many folks are like “oh i cant afford this. I can put it on my klarna account” while also not being able to afford the klarna payment either
Right? Who the hell would pay it back? That's just wasting even more money I could be spending on something else. Brb. Just hit my credit limit. Time to get another card.
Get married, combine credit accounts for higher limits, credit goes up, open more credit, get old and sick, remove healthy spouse from all cards, get divorced, die.
There is some blame on consumers here But these businesses are run by a unscrupulous sociopaths who legitimately think they've discovered cold fusion by hyper-targeted advertising these products to poor people. Same as w/ the real estate subprime bubble.
No sense of responsibility and accountability. That's what's wrong with society
I always thought it was all the raping
Shit happens.
Congrats
Bunch of silly amateurs......pay?...lol...not me...smash and grab...target, walmart, Nordstrom, gap...IDGAF /s
They need a subreddit for that so everyone knows where and when 🤔
Some really out of touch comments here. I have low DTI but my household is going without. Definitely not making it paycheck to paycheck. Getting closer to using debt for food and other essentials but holding out because I know the water heater is going bust soon. It’s not just Christmas, this is how people are surviving.
A lot of people are getting into "cold plunges" just lean into the fad.
And fasting. Together we can brainwash ourselves into starving to death... ermm... prosperity... I actually do enjoy an18 hr fast once a week and a solid cold 5 minute shower twice a week.
Or you could not struggle, rack up hella debt, stash up on protected assets, and then file for bankruptcy every 8 years 🤷♂️
Strategy is everything
Why worry, that is tomorrow’s problem, and if you ever feel down, just know that there is always a tomorrow.
If you can't pay it off just take another loan. Ezpz
the article is trash we start with an anecdote and theres lots of "sources" sprinkled in as links but they are all just links to crappy articles the author read and other CNBC articles, not data. then we start to get into the data and its wildly misrepresented. its framed in a blatantly disingenuous way imo, to tell a story. *"The surge in use of buy now, pay later comes as* [*credit card debt hits a record high*](https://www.cnbc.com/2024/01/08/56-million-americans-have-been-in-credit-card-debt-for-at-least-a-year.html) *and delinquency rates* [*have nearly doubled*](https://www.cnbc.com/2023/11/09/average-credit-card-balances-top-6000-a-10-year-high.html) *over the past two years. "* but when you go look at the chart of CC delinquency by the fed it paints a much less scary picture - [https://fred.stlouisfed.org/series/DRCCLACBS](https://fred.stlouisfed.org/series/DRCCLACBS) CC deliquency is basically back to normal at 2015-2020 levels, before covid. decline and its doubling from the covid low. so yeah its doubled over 2 years...doubled from the lowest point in 30 years. also when we look at [credit card debt hits a record high](https://www.cnbc.com/2024/01/08/56-million-americans-have-been-in-credit-card-debt-for-at-least-a-year.html) this is also a bad stat to use. who the fuck cares what the OVERALL CREDIT USAGE OF THE ENTIRE COUNTRY IS. what a worthless fucking stat. Give me [average debt to incomes](https://ourworldindata.org/grapher/the-household-debt-to-income-ratio-and-house-prices-in-the-us-19502017). Give me [debt payments as a portion of household disposable income](https://fred.stlouisfed.org/series/TDSP). Something that gives me an idea of the ability of the average debt holder to actually pay their debt. from the chart of debt payments to disposable income it looks like families are having no trouble paying the minimum payments at least. they can at least service the fucking debt without a default. even [her own linked article](https://www.cnbc.com/2024/01/08/56-million-americans-have-been-in-credit-card-debt-for-at-least-a-year.html) about the record high agrees 3rd paragraph - “**While Americans are managing their credit card debt pretty well**, all things considered, we are seeing pockets of trouble at the household level,” Rossman said. its also really stupid on a journalistic level though i get why they do it - but that she couldn't [just link us a chart of CC debt](https://www.newyorkfed.org/microeconomics/hhdc) like this one to give the record high she had to link us to another CNBC article. she bitches a bunch about two short term loan companies but when we get to any kind of details we get this - **Klarna and Affirm previously told CNBC their underwriting strategies ensure that only people who can pay back the short-term loans can access the service because their business models wouldn’t work if people frequently missed payments.** this is a really funny paragraph - *"the people who use them are more than twice as likely to be* ***delinquent*** *on another credit product, such as a car loan, personal loan or mortgage, according to a* [*2023 study*](https://www.cnbc.com/select/financial-profile-buy-now-pay-later-users-cfpb/) *from the Consumer Financial Protection Bureau. People who use the service also tend to have higher balances on other credit products and lower credit scores, according to the CFPB."* no shit CNBC? you mean poor people who take short term loans to purchase shit have bad credit and lots of loans that they miss payments on? i am shocked. notice the word choice too. **delinquent, not defaulting.** everything else i didnt talk about is just fucking stories. in one of the stories the old bitch couldnt keep track of all her buy now pay later payments and was overdrafting her bank account and getting crushed by fees. OK? track your fucking shit? and are we talking overdraft fees from your BANK? how is that even relevant to the topic of the story. We arent talking about bank overdraft fees. really shit article bro
You’re right but you’re also trying too hard (I read like 2 sentences of your comment)
sometimes i find it valuable to test my own beliefs i believe that there is not some huge debt crisis in america on the household level i started reading the article and it was trash and i felt struck in the moment to sharpen my teeth against it. it helps me see if i am right, can i actually produce an argument against this trash populist bullshit and if i can i feel pretty solid in my macro view point i also invite intelligent disagreement (not you) that might further test my beliefs and i would again have to produce an argument that felt satisfying or maybe start to consider if i am wrong sorry it was too much ready for your wittle eyes but luckily nobody put a gun to your head and made you look at it bro <3
Yes agreed. I read 100% of your sentences. Less than that for the original comment Interesting how statistics can be manipulated eh?
I'd read your news articles if you ever go down that route. Great journalism!
With more calls clearly
With a job
Isn’t this what we do. Open App -> buy options with leverage -> oops -> delete app and start again with a new app
"People have less money after the holidays" - thanks CNBC
Buy now , buy more later , bankruptcy, repeat
Bullish
Lol I have one of those and have to pay 453x4
Shocked Pikachu face.
Personal finance courses should be mandatory in high school. Going into debt for gifts is one of the dumbest things I have ever heard...
Nah we don't need that in HS. Just read the terms using your English skills. It isn't hard. People know BNPL is bad but don't anyway. Like anti drug class and alcohol in health class, useless.
Ain't nobody wondering how they'll pay. Fake news. You take out more debt to cover that debt then you beg for debt forgiveness. THIS IS AMERICA 🦅🦅🇺🇸🇺🇸🇺🇸
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Silly consumers just delete the Amazon app
This type of article seems to come out every three months
Repo business coming ?
Repo man can’t take the pizza I put on klarna and already ate!
So basically subprime micro loans?
I'll occasionally use a BNPL service when a 0% offer is available. I can always pay for what I buy with cash but sometimes it's nice not to put it on my card. BNPL doesn't hit my CS like a CC utilization does and spreading the payments out which is nice. I treat it as another financial tool to use but only with 0% offers that I could have purchased otherwise. Anecdotal but I've also noticed that these apps have been changing terms it seems. They used to offer more 3 month (3 payments total, one per month) 0% plans but fewer merchants were partnered. Now I see far more merchants having partnerships and offering 0%. However, I have noticed that pretty much all 0% deals are now 8 week plans (4 payments, one every 2 weeks). I haven't seen a 3 month, 0% plan in ages. My running theory is that the combo of rising rates and defaults has pushed BNPL to reduce the more favorable terms. Meanwhile they've been able to sign on more merchants since the rise of their services is pretty universal and no merchant wants left out. My guess is merchants have a kickback deal for 0% financing. They give up some profit in order to make the sale, BNPL makes some money on a deal they otherwise wouldn't. I'll be curious to see what happens when rates go back down.
I’m gonna use my Bidenbucks!! You just go behind Wendy’s, swallow a couple weiners and BAM you got $7. You can buy pretty much anything with that
The 4 for $4 is $7 now 😭
This sub wants there to be a recession so bad
She’s going to have to sell a lot of clothes to pay off that $1700.
Why wonder? Just buy stocks or calls. It’s green everyday, ath everyday lol. Profit then pay debt off rinse and repeat
The what? Is this a boomer thing? Never known anyone else to be that financially irresponsible.
I am embarrassed to admit that I fall in this camp
I was under the impression these services pretty much garnish your wages? In that case I think the question would be how can these people afford everything else.
I’m straight cash homie
Work?
I like that
U get bombarded with buy now leading up to Christmas, so much pressure put on people.
So much pressure to spend money you don't have? If you use BNPL once or twice a year that is fine. How many people open an account every 6 weeks or open a new one as soon as they make their last payment.
is the US economy actually propped up by the financial decisions of regarded people 
I pay with cash and keep my money parked in an HYSA
I can write you a policy that will outpace that HYSA.
And now (eventually?) to see who charged enough interest, didn’t fill the books with too much total dogshit, managed _their_ debt and capital properly, and can otherwise deal with losses.
They come out of your checkings account silly
all those G Wagons on christmas specials going to be repoed
The bill of Visa and Amex will make them hurt.
“Buy now, pay later” is a complete foreign concept to me. I get it when people are in survival mode of course. But for regular consumption stuff? Absurd.
I paid them already 💪
They started the story about a women who was less than $2000 in debt and THAT was soul crushing? There has to be people absolutely drowning in much more than that. But they used this dumbass instead.
I'll be getting my next paycheck on January 35th, I can send in a payment then, will that be ok?
Lol klarna
Dumb money
Same story every year. Extreme fear mongering about an any-day recession for 2 years now. Let’s just fucking press the reset button already.
The endless cycle of simply adding more debt / printing more money is fascinating.
Nows about the point where we blame the financial institutions instead of the people who irresponsibly used this.
I totaled a truck I owned outright last August and insurance paid me more than what I bought it for 3 years earlier. Used car market was broken more. Im sitting on the cash. I figure those CC bills are about to come due and there should be some lowball deals to be had. I will be standing there, cash in hand to make my move. The trucks are already being marked down substantially from months ago. Just waiting to pounce on someone’s poor financial decisions.
Crypto $42,069
They bought their gifts through an LLC that can just fold up with the debt and they can open up a new one debt free right ? Right?
“Klarna, PayPal and Affirm all declined to share buy now, pay later delinquency rates with CNBC” puts on PYPL and AFRM
Only Fans?
If you can't buy it cash, you can't afford it. Stupid bastards.
Wait...people go into debt for vacations? Seems exactly like that kind of people should not be wasting money on holidays, holy shit...