Re:It Ruined Everything’: Buy Now, Pay Later Drives Gen Z in...
by gjsman-1000 on Saturday November 26, 2022 @11:25PM
(#33760355)
I wish. It’s not just Gen Z though - look at average amount saved by household, or average amount of incoming going to savings, or average household credit card debt. Average credit card balance recently had the highest leap in 20 years.
It’s all really, really ugly.
It’s interesting though… if historical parallels return. When a man owes little money, the bank is in power for the relationship. When a man owes a mountain of money, he’s in charge. Banks can’t magically force customers to pay what they don’t have - and politicians won’t accept having tons of people on the street with their assets seized. I would see the higher credit card utilization statistics as something to panic over if I was a bank. It crosses into potential en-masse default territory.
It’s all really, really ugly.
It’s interesting though… if historical parallels return. When a man owes little money, the bank is in power for the relationship. When a man owes a mountain of money, he’s in charge. Banks can’t magically force customers to pay what they don’t have - and politicians won’t accept having tons of people on the street with their assets seized. I would see the higher credit card utilization statistics as something to panic over if I was a bank. It crosses into potential en-masse default territory.