this post was submitted on 11 Feb 2026
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Klarna 'bout to find out their business model doesn't work as well in the US compared to the Nordic countries and EU, as
Especially the Northern Europe personal bankruptcy is really not a thing, fuck up your finances and you're never going to see a penny you make (above what you strictly need to live) until everything has been paid back. Debt that is actively being collected also never expires.
There's a good reason Klarna's been able to thrive in this environment – getting debt from banks is quite difficult and you have added security from the draconian collections process.
In the US a company ignores credit scores at their own peril. The bankruptcy process is one of the few things that works better in the US than in e.g. my home country Finland.
Klarna is a thing in Germany as well and personal bankruptcy absolutely is a thing here [https://www.verbraucherzentrale.de/wissen/geld-versicherungen/kredit-schulden-insolvenz/privatinsolvenz-in-3-jahren-schuldenfrei-11417] so I don't know if your second point is that relevant. I'd agree on the first one though.
Serves me right for assuming Germans had a similarly judgemental attitude to people who have ruined their finances. Thanks for the correction.
Finns often have a very puritan attitude to debt (you should fear it like the devil), and in the common discussion it's often attributed to the ethics of the Lutheran church. That's at least partially the reason we still don't have a real personal bankruptcy option. Somewhat surprising to me that a country that shares that value system could be that forgiving to people – I'm a bit envious even 😅
Around here Klarna and other similar companies have long been seen as exploiting the fact that debt is really difficult to get through proper sources, and there's a matching draconian bunch of collections agencies to support that business model. We've mainly been trying to tackle this by regulating the process of giving out loans, instead of giving people the necessary way out and thus giving the corporations an incentive to self-regulate.
If bad credit is actually no longer possible to collect on, it ceases to be good business. Hats off to Germany for having a proper route out of predatory loans.
I german but still hate debt. Why buy something pay off later? Why not just save up monthly then pay once? Same process, same result, 0 fee.
in general:
The depressed poor person has a lack of dopamine and is completely apathetic to poor decision outcomes.
here in specific:
they're using it for rent, living on the street for a few months to set up your next rent payment is a poor option.
If you go to florid in the US there are PAYDAY loan shops ALL OVER THE PLACE. It's the most bizarre thing. Interest rates are outrageous. Your check comes out, you can lose 13% of it to get it now... I suspect because drugs...
People in debt (before there is professional help) end up paying the important things first (such as rent) and then choose to pay off the debt that is most within their reach. Klarna is much more likely to be a low amount compared to their creditors.
It might be true their loans are more likely to be payed back while also they might have less to loose in case of a personal bankruptcy.
But that aside, i have no clue on whether Klarna is making a smart move. But i assume they are because companies that are both evil and stupid don't tend to come far.
Eh, I dunno about that last point. "Evil" is a pretty OP strategy if you have the stomach for it, usually leaves lots of room to survive doing dumb shit. And hot DAMN greed is good at convincing people to do dumb shit!
On the one hand, don't underestimate their cunning, I do agree with that. But on the other, I've never liked the "4D chess" assumptions some folks are so willing to make (not meaning you here), it's unwise to overestimate it, too.
I think they do have the stomach for it. And also smart enough to get away with conning people, to know how to not get in trouble with lawmakers, do that fine print just right etc. They act as if they are helping people by offering easy credit while they know they're not earning money from people who can easily pay them back. They profit off the least capable to keep their finances in order, living of the weak and vulnerable like parasites do.
Hard agree.
Is there a good article about this?
I'll try to find some and link, but I'm not sure if there are good ones.
Edit: couldn't find one with quick googling. Guess I'll have to write one when I have time.