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What would happen if everyone with credit card debt collectively stopped paying them? (lemmy.world)

submitted 3 months ago by [email protected] to c/[email protected]

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[–] [email protected] 15 points 3 months ago* (last edited 3 months ago)

Companies like Visa and similar would go out of business with no customers. The government might intervene with bailouts to stop banks from going down. Online shops would start accepting bank transfers (or Venmo in 'Murica) more universally. Crypto would have another hype cycle.

I don't really buy that it would implode the economy, since it runs on all kinds of more tangible things and there's other forms of currency and debt to fall back on, and I also don't buy that the government would seriously enforce against a strike if it had 100% participation - usually just a few percent is election-defining. At most I expect whining and a maybe a few impotent attempts to discourage it before they get the picture.