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How do you “lose”? For better or for worse consumer credit fuels the economy. There’s $1T in outstanding revolving consumer debt. If that went to $0 tomorrow t
by tempsy 4y ago
How do you “lose”?
For better or for worse consumer credit fuels the economy. There’s $1T in outstanding revolving consumer debt. If that went to $0 tomorrow the economy would crumble, not the opposite.
- Spivak 4y agoBut that includes CC debt that’s paid off every month which really shouldn’t count. The amount of debt isn’t interesting, it’s the amount of interest paid on consumer debt that would indicate it’s real value to the economy. I think the parent is saying that they lose because it’s their tax dollars going to clean up semi purposeful financial irresponsibility. However, such a bailout would essentially be a wealth transfer to people who used BNPL services which is decidedly not rich people or businesses so I wouldn’t be all that angry.
- tempsy 4y agoSo do you actually believe that only a minority of people revolve consumer debt on a credit card? I’m sure it’s broken out somewhere in quarterly earnings but it’s not going to be a small minority of consumers paying credit card interest.