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] 2 points 1 day ago (1 children)

Money is like stamina - you usually have much more than you think, but accessing it is not without a serious toll. Extreme example - you can probably sell an organ to cover your debt. And there is a wide spectrum of things you can do before reaching that point, many of them crossing the legal, ethical, and humane border.

The original BNPL creditors are not going to make you do them. They need to be legitimate, customer-facing businesses. But they can sell your debt to collection agencies, which will be more willing to put pressure on you. And if that doesn't work - there are always gray market collectors to sell it to.

[–] [email protected] 2 points 21 hours ago

As someone who has worked a bit in lending (many many years ago), there is diminishing returns to bad loans. No one is sending people to "break knees" over BNPL loans, they charge so many fees just to cover the defaults. There is no real "grey market" to sell these bad loans to (at least for now). They harass and threaten a whole lot, but really don't do much (due to cost not morals). At the point people are taking payday loans out to buy food, you have got to the point of trying to squeeze blood out of a stone.