Americans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t Track
www.bloomberg.com
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.
  • HanrahanEnglish
    4•2 months ago

    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.

    • @eleitl@lemmy.ml
      MEnglish
      2•2 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.