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The Debt Economy Is Eating Everyone Alive (jacobin.com)

submitted 2 months ago* (last edited 2 months ago) by Pro@programming.dev to c/usa@midwest.social

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For people locked out of homeownership, “Buy Now, Pay Later” has become a way to finance basic expenses — with future income that may not actually materialize. The Trump administration, meanwhile, is busy protecting the lenders.

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[–] SnotFlickerman@lemmy.blahaj.zone 8 points 2 months ago (1 children)

By doing mass debt strikes where everyone stops paying at once.

It's like that meme about if you owe the bank a thousand dollars it's your problem but if you owe the bank a billion dollars it's the banks problem.

Everyone stopping payments at once in aggregate is the billion. Suddenly the lender is insolvent real fast and they are spending money to chase the money they are owed on top of it.

[–] Ensign_Crab@lemmy.world 3 points 2 months ago

So who are the most vulnerable lenders?