Re:Some things never leave you – Christian Livermore on poverty
by Aunche on Thursday November 24, 2022 @02:24PM
(#33735240)
It's easier to make economic theories that fit science fiction rather than real life. The Vimes boots problem has already been solved by financing. Services like Affirm would allow Sam Vimes to pay the $50 boots in three monthly installments of $16.67. If the theory were correct, then buy-now-pay-later programs would help alleviate poverty, but what we see instead is that it worsens it by enabling consumerist purchases.
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Re:Some things never leave you – Christian Livermore on poverty
by p0pcult on Thursday November 24, 2022 @02:47PM
(#33735453)
Who qualifies for zero interest financing?
Re:Some things never leave you – Christian Livermore on poverty
by Aunche on Thursday November 24, 2022 @03:14PM
(#33735713)
Buy-now-pay-later unicorns are funded by VC funny money. They care more about growth than actually trying to turn a profit. You can get approved even with zero credit history.
Re:Some things never leave you – Christian Livermore on poverty
by king-geedorah on Thursday November 24, 2022 @02:54PM
(#33735524)
Exactly, the interest rate on affirm is pretty high starting at 10%
Re:Some things never leave you – Christian Livermore on poverty
by mattnewton on Thursday November 24, 2022 @03:21PM
(#33735780)
Affirm is pretty new, doesn't give zero interest to everyone or support all purchases.
Credit cards and payday loans support all purchases and actually exacerbate this issue by extracting money from people. It makes sense after all, they are a service that has to make money and if rich people don't need their service, where is the money going to come from?
Affirm could work if it was not trying to make a profit (maybe off VC funds), but it is difficult for me to understand how it will solve this issue and be profitable.