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The whole credit system is a big scam anyway, hopefully people will keep defaulting and eventually take it out.
by bee_rider 2y ago
The whole credit system is a big scam anyway, hopefully people will keep defaulting and eventually take it out.
- Etheryte 2y agoWhile I get your sentiment, let's not forget that behind every default, there's a life that's struggling to keep it together. This is not people sticking it to the man, it's people who have lost their jobs, been hit with a medical bill, or etc then going on to lose their car and their home.
- bee_rider 2y agoThat’s true, and fair. I was glib due to my annoyance with the system, but of course it is structured to also hurt real people.
- Sohcahtoa82 2y agoNo way. Buying things on credit is huge because if my credit card is used fraudulently, I'm not out the money while I wait for the fraudulent charges to be reversed.
- bee_rider 2y agoThat’s just a super specific quirk of the current implementation
- Sohcahtoa82 2y agoHow so? If I didn't pay with credit, then I'd be paying for everything with debit, exposing my debit card number to breaches, skimmers, and other security issues. If my debit card number gets used fraudulently, I literally lose money until I get refunded. That could be a problem if I have a rent/mortgage payment about to come out. On a credit card, the temporary loss is not mine, it's the credit issuer. My money is safe from fraudulent use of my credit card.