- cross-posted to:
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- cross-posted to:
- [email protected]
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
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Phantom debt is debt that has not been reported to credit agencies. You know who hates not having that data on you? Credit agencies.
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.
Woah slow down there with that spicy take friend.
had a rough day, came in hot
Yeah and spend money on education of all things /s
It’s not even material, how will we show it off?
Right… Like if I can’t flash it do I even have it? /s
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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.
You can take out microloans for groceries which is nuts but the US is dumb as fuck so ofc they’ll do it.