4 ms·

The proliferation of payment plans. Everyone can "afford" a flagship smartphone. Only 36$ per month Everyone can afford a car only : 340$ a month. numbers a

The proliferation of payment plans. Everyone can "afford" a flagship smartphone. Only 36$ per month Everyone can afford a car only : 340$ a month. numbers add up fast digging themselves into a hole

gruez 4y ago
>Everyone can "afford" a flagship smartphone. Only 36$ per month Everyone can afford a car only : 340$ a month. But auto loans were around since the 20s. What changed? https://lendedu.com/blog/history-of-auto-lending-industry https://lendedu.com/blog/history-of-auto-lending-industry
- mattrick 4y ago
  It seems like everywhere is pushing financing as an alternative to payment upfront. Even small (<$50 purchases) are being offered financing through services like Klarna. It really feels like it's become an option for almost any purchase now.
- nomel 4y ago
  Financial responsibility, it would appear: https://www.businessinsider.com/credit-card-debt-record-2017-8 https://www.businessinsider.com/credit-card-debt-record-2017...
rvz 4y ago
Given the banks know these people can't afford it anyway they will still allow them to continue borrowing despite knowing that it is already getting expensive for average people to do so quickly. If some are rejected directly by the banks for getting these loans, then the banks can still get them by setting up a BNPL (Buy-Now-Pay-Later) competitor / service with even higher interest rates. Either way, the banks still win. So you will own nothing, and you will be very happy. Even if you can't afford it, the banks will be very happy to charge you interest and you will still be happy. The scam of the century.
m00x 4y ago
That's incorrect. If anything, banking and lending regulation have only increased since the boomer era. We made it more convenient, but we also made it harder for businesses to trap people in bad loans.

4 ms·

The proliferation of payment plans. Everyone can "afford" a flagship smartphone. Only 36$ per month Everyone can afford a car only : 340$ a month. numbers a

by kbrannigan 4y ago

The proliferation of payment plans. Everyone can "afford" a flagship smartphone. Only 36$ per month Everyone can afford a car only : 340$ a month. numbers add up fast digging themselves into a hole

gruez 4y ago
>Everyone can "afford" a flagship smartphone. Only 36$ per month Everyone can afford a car only : 340$ a month. But auto loans were around since the 20s. What changed? https://lendedu.com/blog/history-of-auto-lending-industry https://lendedu.com/blog/history-of-auto-lending-industry
- mattrick 4y ago
  It seems like everywhere is pushing financing as an alternative to payment upfront. Even small (<$50 purchases) are being offered financing through services like Klarna. It really feels like it's become an option for almost any purchase now.
- nomel 4y ago
  Financial responsibility, it would appear: https://www.businessinsider.com/credit-card-debt-record-2017-8 https://www.businessinsider.com/credit-card-debt-record-2017...
rvz 4y ago
Given the banks know these people can't afford it anyway they will still allow them to continue borrowing despite knowing that it is already getting expensive for average people to do so quickly. If some are rejected directly by the banks for getting these loans, then the banks can still get them by setting up a BNPL (Buy-Now-Pay-Later) competitor / service with even higher interest rates. Either way, the banks still win. So you will own nothing, and you will be very happy. Even if you can't afford it, the banks will be very happy to charge you interest and you will still be happy. The scam of the century.
m00x 4y ago
That's incorrect. If anything, banking and lending regulation have only increased since the boomer era. We made it more convenient, but we also made it harder for businesses to trap people in bad loans.