Nobody is buying a wall box on credit, but online retailers figured out if they just enable installment payment everywhere, it provides a small lift to sales at the expense of snarky comments from Lemmy.
Enabling it everywhere facilitates people purchasing things they can’t afford and fucking themselves.
The picture is funny but the real thing is filling up a cart with everything needed for a renovation, failing to pay a payment and having it cost you more than list price with the hidden, past due accounts owe us 30% interest plus fees type of paradigm.
Not everyone has access to the financial education that teaches you how bad this is. I see so many people that don’t actually understand how credit cards work because they “just got one” after signing up for a rewards program (basically, got scammed into signing up).
Nobody is buying a wall box on credit, but online retailers figured out if they just enable installment payment everywhere, it provides a small lift to sales at the expense of snarky comments from Lemmy.
Enabling it everywhere facilitates people purchasing things they can’t afford and fucking themselves.
The picture is funny but the real thing is filling up a cart with everything needed for a renovation, failing to pay a payment and having it cost you more than list price with the hidden, past due accounts owe us 30% interest plus fees type of paradigm.
If you need to borrow money for a renovation, a HELOC is way cheaper than a credit card.
IDK how much we need to protect stupid people from themselves.
Quite a lot, actually.
https://www.creditkarma.com/about/commentary/americans-have-a-net-worth-problem-and-its-not-positive
And thats over a year old, its getting worse.
Not everyone has access to the financial education that teaches you how bad this is. I see so many people that don’t actually understand how credit cards work because they “just got one” after signing up for a rewards program (basically, got scammed into signing up).
They are practically disabled so hopefully more than we are doing.
Ignorant people need protection too. It’s not like predatory lending is a thing thought in schools.
foot-guns are a natural part of the internet and are crucial for its ecosystem.
We can’t make laws to block all human stupidity.
No, but we can block the predation
“There is no such thing as idiot proof, only idiot resistance.”