Collapse

3237 readers

1 users here now

We have moved to https://lemm.ee/c/collapse -- please adjust your subscriptions

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.

RULES

1 - Remember the human

2 - Link posts should come from a reputable source

3 - All opinions are allowed but discussion must be in good faith.

4 - No low effort posts.

Related lemmys:

founded 4 years ago

MODERATORS

[email protected]

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

top 6 comments

sorted by: hot top controversial new old

[–] sudo42 10 points 5 months ago (1 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.

[–] [email protected] 6 points 5 months ago

So basically Wells Fargo can’t deal with layaway?

[–] return2ozma 4 points 5 months ago (1 children)

Wells Fargo estimates that there's about $46 billion dollars in phantom debt, and that's just from "Buy Now, Pay Later.” And that's just in the US alone.

[–] melisdrawing 2 points 5 months ago

That is insane. It implies over $100 in debt to BNPL per capita.