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Never said debt is intrinsically harmful. I do however think consumption debt, for goods such as clothes or the next iphone, is harmful. They're not investmen

Never said debt is intrinsically harmful. I do however think consumption debt, for goods such as clothes or the next iphone, is harmful. They're not investments, like an education or a car. It's a tax on people who don't have money in the bank to buy such things up front. Usually such loan "services" are marketed in a way that hides the effective cost of the loan to the customer. Especially problematic for young people less experienced handling money. > But you can't prevent good things for 95% society because a 5% of the society abuses it Sounds like you thought I suggested prohibiting debt in general. That's a misunderstanding. It's definitely possible to prohibit predatory lending strategies.

deltree7 4y ago
I would challenge that notion too. I rather travel the world, eat great food, take tennis lessons, dance into the night when I'm in 20's and 30's where I get the most enjoyment rather than in my 60s where my body is not in good physical shape to do any of those things. The fact that I travelled the world in my 20s may also enhance my own future productivity. I would even further claim that not enough people go into debt. There are plenty of young people (70% or more) in developing countries who can get into travel, education, iPhone/Samsung, great food debt and their country (and the rest of the world) will benefit immensely from it in the long run.
- geysersam 4y ago
  This is delusional and besides the point. You can't loan for consumption in your 20-30s, planning to pay it back in your 40s and 50s. Klarna does not even offer loans beyond 36 months, and month 1 to 36 you have 20% interest rate! If you skip a payment there are steep fees. Klarna is for short term loans. Like, half a month. Klarna is definitely not offering their service to poor people in developing nations. Even if they did, how would a 20% interest loan for an Iphone help anyone escape poverty?
  - deltree7 4y ago
    I never mentioned anything about Klarna. I merely commented on capitalism and debt

deltree7 4y ago

I would challenge that notion too. I rather travel the world, eat great food, take tennis lessons, dance into the night when I'm in 20's and 30's where I get the most enjoyment rather than in my 60s where my body is not in good physical shape to do any of those things. The fact that I travelled the world in my 20s may also enhance my own future productivity. I would even further claim that not enough people go into debt. There are plenty of young people (70% or more) in developing countries who can get into travel, education, iPhone/Samsung, great food debt and their country (and the rest of the world) will benefit immensely from it in the long run.

geysersam 4y ago
This is delusional and besides the point. You can't loan for consumption in your 20-30s, planning to pay it back in your 40s and 50s. Klarna does not even offer loans beyond 36 months, and month 1 to 36 you have 20% interest rate! If you skip a payment there are steep fees. Klarna is for short term loans. Like, half a month. Klarna is definitely not offering their service to poor people in developing nations. Even if they did, how would a 20% interest loan for an Iphone help anyone escape poverty?
- deltree7 4y ago
  I never mentioned anything about Klarna. I merely commented on capitalism and debt