Collapse

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This is the place for discussing the potential collapse of modern civilization and the environment.

Collapse, in this context, refers to the significant loss of an established level or complexity towards a much simpler state. It can occur differently within many areas, orderly or chaotically, and be willing or unwilling. It does not necessarily imply human extinction or a singular, global event. Although, the longer the duration, the more it resembles a ‘decline’ instead of collapse.

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Americans Are Racking Up 'Phantom Debt' That Wall Street Can't Track (www.bloomberg.com)

submitted 5 months ago by return2ozma to c/[email protected]

6 comments fedilink hide all child comments

cross-posted from: https://lemmy.world/post/15144297

Consumers have embraced 'Buy Now, Pay Later' products that allow them to pay for purchases in installments, but it's not clear how many of these loans are out there.

Paywall removed: https://archive.is/9SYHz

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[–] sudo42 10 points 5 months ago (2 children)

I assume they're complaining about this "phantom debt" that they can't see? It's behind a firewall, so they're hiding the article where I can't see. /s

[–] [email protected] 4 points 5 months ago (1 children)

BNPL (Buy Now Pay Later) debts not recorded with credit agencies, so no idea how much.

I have zero idea why this is collapse related but here we are.

[–] [email protected] 2 points 5 months ago

Global Financial Crisis 2 is definitely a fast component in the overall collapse process. Unaccounted consumer debt is a useful facet of a diagnostic. We don't know where exactly the spark will originate that will blow up GFC2. It could as well start there, though it's not very probable.