- cross-posted to:
- usa@midwest.social
- aboringdystopia@lemmy.world
- cross-posted to:
- usa@midwest.social
- aboringdystopia@lemmy.world
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Amazing, people financing dinner might not be able to pay it off.
They’d better hire some people who specialize in burrito repossession
This shit is wild. You’d figure the capitalists would have a sense of self-preservation and not let things get this bad.
Why give a shit when you can get bailed out? It’s almost like you can be carefree when you’re on corporate welfare. What’s wild is what you feel like you can try when you have a safety net.
But they make money even if the people don’t pay. They just package debts and sell them off. And if there’s a big crisis, they still make a lot of money buying the dip.
The capitalist class is infinitely more class conscious and understanding of the system as it really is than the working class.
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I do keep wondering how these buy now pay later companies see this playing out over a long time.
Klarna was founded in 2005, and Affirm in 2012.
Maybe it’s just the same old tech-startup playbook; Live a good life for 10 years of funding until you get acquired, or hired to another good life fin/tech-startup.
As the other comment says, they’re making their money back in fees. For every dollar they lose because of this, they’re making multiple in fees. It really shows you how bad these services are for you financially if they’re able to be profitable.
I’ve never used one of these services. Are they like a credit card in that they have interest/fees only if you don’t pay off your balance? Or are there upfront fees to using the service?
I haven’t used one either, but I’d be surprised if there weren’t usage charges, or something similar.
I swear to god this is literally what happened 100 years ago with credit causing the great depression in the 30s. Are we at a 100 year cycle?
That’s was a part of it. The dust bowl aggravated it further and done other things occurred
Not the same. This is worse. People chose this
No, we are in 20y cycle
Fudge.
I fear you are right. Maybe we can get a housing crisis?
Who would’ve thought that giving “loans” to financially unstable people might not be the brightest idea…
I love the theory that if Klarna folds, there will be some small window where you can pay using klarna and get something for free. It will never happen but I love the idea.
I have no way of knowing for sure, but I keep hearing people are actually using loans for day to day stuff like groceries.
In what world is that sustainable for longer than like, a month?
