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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] 3 points 3 months ago

That only applies to cash. The rich have the greater majority of their wealth in assets, so they likely won't even give a second thought to losing all of their cash. Who it's actually going to hurt are the middle class workers nearing retirement. The ones who make enough to have some semblance of a retirement fund and who have also moved this fund to cash to reduce volatility.