Stimulus cheques gone, bitcoin down and credit cards maxed out so buy a burrito on credit:
Hard-up Americans are now taking out loans to pay for GROCERIES using ‘buy now, pay later’ apps which offer instant credit but can charge hefty fees for late payments…
…Chipotle is one of the restaurant chains that partners with Zip, allowing hungry Americans to put 25 percent down on a burrito and pay off the remaining installments over six weeks.
"Hard-up Americans are now taking out loans to pay for GROCERIES using ‘buy now, pay later’ apps which offer instant credit but can charge hefty fees for late payments…
…Chipotle is one of the restaurant chains that partners with Zip, allowing hungry Americans to put 25 percent down on a burrito and pay off the remaining installments over six weeks."
If you’re this hard up, and have a decent brain, you realize that ‘eating out’ is going to deplete your resources even faster.
When I grew up in the 1950s/1960s, the family ate out, other than maybe a few times on vacation, maybe ONCE A YEAR. Everything else was home prepared meals, brown bag sandwiches, back yard inexpensive BBQ (hot dogs and hamburgers), etc.
Now, youths have to have their $8 Starbucks latte double this or that, grande, with extra toppings and flavor. twice a day. Plus $15 lunch. Dinner out five nights a week. Or dinner ordered on line for delivery home. Same for ‘families’. Take out, home deliveries…
But let’s dig further. Which is tough. The Daily Mail article references an article in The NY Times, which is paywalled. But it also cited a research company, GlobalData.
Reading that press release, it sure seems focused on the UK, although there’s really no way to know how global the report is. The UK focus makes some sense, as GlobalData is based in the UK.
California is leading the way on regulations, and late last year classified the buy now, pay later plans as loans, bringing companies that offer them under the state’s lending rules.
The Consumer Financial Protection Bureau is also looking into these companies.
I have no doubt that these companies are highly profitable and fleecing uneducated consumers. (Maybe we need a thread on the benefits of a well rounded education. Oh. Never mind.) Then again, they are undoubtedly run by JCs, so whatever they do must be ok. [end sarcasm]
Companies House tells me that this is part of a massive Swedish bank with a worldwide reach.
To account for 3% of global ecommerce activity next year:
As consumers increasingly turn to digital solutions to make payments, mobile wallets and ‘buy now, pay later’ (BNPL) platforms are on the rise since 2017 with BNPL forecasted to account for three per cent of global ecommerce spend by 2023.
I have no doubt that these companies are highly profitable and fleecing uneducated consumers.
You can be uneducated but clever, these people are just stupid, born stupid and will die stupid, no matter how much education you throw at them. They shouldn’t be let out with a carer!
…and, by all accounts, things are going to get a lot worse!