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> how one $2,000 laptop would end up costing me close to $5,500 later on. > And that's a credit card, which is at least some work to get. A Klarna financing ar

> how one $2,000 laptop would end up costing me close to $5,500 later on. > And that's a credit card, which is at least some work to get. A Klarna financing arrangement doesn't take shit. Eh, I don't think that is correct. Klarna US charges up to a 25% late fee before the debt is sent over to debt collectors, it doesn't accrue AFAIK. I'm pretty sure they do standard credit checks too. > Look at all your agency, I'm proud of you for making all the right choices. But what about everyone else who didn't? Well, this is a hard question. I don't believe in banning things that might be harmful if misused (and rewarding if used properly), regardless if it's alcohol or credit. I do however believe good education is incredibly important to avoid issues.

ToucanLoucan 3y ago
> Eh, I don't think that is correct. Klarna US charges up to a 25% late fee before the debt is sent over to debt collectors, it doesn't accrue AFAIK. I'm pretty sure they do standard credit checks too. I'm talking about a credit card. I am old: there was no Klarna when I came up, and thank fuck, I did a good enough job screwing myself over financially without shit like that at my fingertips. > Well, this is a hard question. I don't believe in banning things that might be harmful if misused (and rewarding if used properly), regardless if it's alcohol or credit. I do however believe good education is incredibly important to avoid issues. I mean that's the thing: at least a credit card is, maybe not hard, but a nonzero amount of work to get. And they confer some benefits: It raises your overall borrowing power, which makes your credit score go up; there are usually some benefits or others attached, things like cash back, or points rewards systems; they're damn handy for life's little emergencies where you need a sizable hunk of money right now, etc. In contrast, there is no benefit to a BNPL arrangement apart from getting the thing sooner, and, those arrangements are going to be the most attractive to the people who are most likely to live in financial precarity; if you didn't, you'd just buy the thing, whatever it might be, with cash or credit. They are marketed exactly to the people they are most likely to fuck over. And I refuse to believe that's an accident. I don't think we should or even can ban everything that can be harmful if misused. I just think it's advantageous as a society, even a free market society, to ban things that are blatantly exploitative of more vulnerable people, that otherwise confer little to no benefits to the larger society. Were I dictator for a day, I wouldn't ban credit. I would ban exploitative, predatory credit models, and mandate proper education on how to make use of non-predatory (well, less predatory?) credit models.
- kristofferR 3y ago
  > In contrast, there is no benefit to a BNPL arrangement I listed a ton of benefits of BNPL apps like Klarna in my parent comment, and I'm someone who could pay for everything with debit if I wanted. I really like using Klarna, and when I can choose between giving a web shop my CC info or paying with Klarna I always pay with Klarna. If they were blatantly exploitative like payday loans I would agree with you, but I don't agree that it is. I think it is way less exploitative than credit cards, where debt can accrue manyfold, as per your own example.

ToucanLoucan 3y ago

> Eh, I don't think that is correct. Klarna US charges up to a 25% late fee before the debt is sent over to debt collectors, it doesn't accrue AFAIK. I'm pretty sure they do standard credit checks too. I'm talking about a credit card. I am old: there was no Klarna when I came up, and thank fuck, I did a good enough job screwing myself over financially without shit like that at my fingertips. > Well, this is a hard question. I don't believe in banning things that might be harmful if misused (and rewarding if used properly), regardless if it's alcohol or credit. I do however believe good education is incredibly important to avoid issues. I mean that's the thing: at least a credit card is, maybe not hard, but a nonzero amount of work to get. And they confer some benefits: It raises your overall borrowing power, which makes your credit score go up; there are usually some benefits or others attached, things like cash back, or points rewards systems; they're damn handy for life's little emergencies where you need a sizable hunk of money right now, etc. In contrast, there is no benefit to a BNPL arrangement apart from getting the thing sooner, and, those arrangements are going to be the most attractive to the people who are most likely to live in financial precarity; if you didn't, you'd just buy the thing, whatever it might be, with cash or credit. They are marketed exactly to the people they are most likely to fuck over. And I refuse to believe that's an accident. I don't think we should or even can ban everything that can be harmful if misused. I just think it's advantageous as a society, even a free market society, to ban things that are blatantly exploitative of more vulnerable people, that otherwise confer little to no benefits to the larger society. Were I dictator for a day, I wouldn't ban credit. I would ban exploitative, predatory credit models, and mandate proper education on how to make use of non-predatory (well, less predatory?) credit models.

kristofferR 3y ago
> In contrast, there is no benefit to a BNPL arrangement I listed a ton of benefits of BNPL apps like Klarna in my parent comment, and I'm someone who could pay for everything with debit if I wanted. I really like using Klarna, and when I can choose between giving a web shop my CC info or paying with Klarna I always pay with Klarna. If they were blatantly exploitative like payday loans I would agree with you, but I don't agree that it is. I think it is way less exploitative than credit cards, where debt can accrue manyfold, as per your own example.