A Boring Dystopia

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More Americans are financing groceries with buy now, pay later loans — and more are paying those bills late, survey says (www.cnbc.com)

submitted 2 days ago by [email protected] to c/[email protected]

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[–] [email protected] 4 points 1 day ago (1 children)

Oh, I guess I was assuming the vast majority of these folks (I'm one of them actually) are using credit cards, so the loaners don't really know ahead of time.

[–] [email protected] 6 points 1 day ago (1 children)

I can't open the article (forbidden) but I am also assuming this is about the new DoorDash and others eat now pay later crap.

[–] [email protected] 1 points 1 day ago (1 children)

Yeah, "buy now, pay later" usually refers to installment plan services like Klarna and Afterpay. Credit card companies have a different business model.

The business model for those services is basically to do all the shady shit that credit companies can't do anymore because they've been around long enough to become regulated.

Going back to the original point about thinking people will be able to pay later. I doubt that's the goal. My impression is that their income is meant to come from two places:

garnishing people's wages forever and getting them on interest that they can never repay (won't work on everyone, but maybe enough for margins)
laundering and selling these subprime loans by bundling them with better loans, like the mortgage industry pre-2008

[–] [email protected] 2 points 23 hours ago

Yeah, you are getting nothing from garnished wages of a person who went into debt to buy food (people seem to think that you can just garnish 100% of someones income for some reason). You hit the nail on the head with the comparison to the 2008 mortgage crisis, these are very very very bad loans that they will try to bundle and sell. Another game of hot potato with a grenade.