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.
  • sudo42@lemmy.worldEnglish
    10·
    7 months ago

    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

    • Hanrahan@slrpnk.netEnglish
      4·
      7 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.mlMEnglish
        2·
        6 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.

  • CaptObviousEnglish
    6·
    7 months ago

    So basically Wells Fargo can’t deal with layaway?

  • return2ozma@lemmy.worldOPEnglish
    51·
    7 months ago

    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.