‘Buy Now, Pay Later’ Shopping Mindset is Screwing Young Adults Over in Montana (OPINION)
You're asking for trouble...
A news report by the Associate Press came out today about the alarming amount of Americans that are using the buy now, pay later system to pay for everything from sneakers to electronics, even things like sunglasses. WHAT.
Yup, they have to have it so they are using loan services like PayPal, Klarna, and Afterpay to carry their load. Most of these loans are for younger people who are trying to avoid any more credit card debt.
These companies are seeing an increase in users but also are seeing a growing number of delinquencies. Add inflation, and you have a train wreck.
Who in the hell is teaching these kids about money and finances? The average credit card debt now in the U.S. is $7,110 per card according to the US Debt Clock. The average student loan is now $40,190 according to the same chart.
Plus they are now taking out multiple loans and with the huge interest rates, these companies charge these kids are already bankrupt and don't realize it. Loans for sneakers is reckless and people have to step up and hurt their kid's feelings. This "I deserve it" attitude is ruining them so early in life. That's where this new concept of working comes in.
I think it could really catch on if people would help promote it. But when you do things like forgiving debt because it's just too tough to make the payments you have created a monster. They watch their country spend money they don't have so what do you expect them to think? We are failing them miserably.
See ya tomorrow at 5 a.m.