'Buy now, pay later' is sending the TikTok generation spiraling into debt
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Re: 'Buy now, pay later' is sending the TikTok generation spiraling into debt
#2Really?
I thought these ‘financial instruments’ were used only by the very wealthy… ;)
Re: 'Buy now, pay later' is sending the TikTok generation spiraling into debt
#3People have been falling for these scams forever. Naturally a generation which lives online will be more vulnerable to attacks coming through platforms they pay more attention to. Is there anything fundamentally new, though?
Re: 'Buy now, pay later' is sending the TikTok generation spiraling into debt
#4People have been falling for these scams forever. Naturally a generation which lives online will be more vulnerable to attacks coming through platforms they pay more attention to. Is there anything fundamentally new, though?
I think the challenge with these online services now is that their barrier to entry is minimal.
You can sign up to these services at the click of a button and they're also heavily promoted next to payment providers such as Visa. As opposed to them being a separate service you would sign up for, they're integrated into the checkout process as easily as PayPal.
I even saw a service similar to this here in Australia called "My pay now", where they say you can access a portion of your pay early. When in reality you're just borrowing an amount that is a portion of your upcoming pay, with the expectation that you will pay it back when you get paid. The way it was marketed I thought it was a government scheme where you would actually access a portion of your pay early, but no.
Re: 'Buy now, pay later' is sending the TikTok generation spiraling into debt
#5People have been falling for these scams forever. Naturally a generation which lives online will be more vulnerable to attacks coming through platforms they pay more attention to. Is there anything fundamentally new, though?
I think the challenge with these online services now is that their barrier to entry is minimal. You can sign up to these services at the click of a button and they're also heavily promoted next to payment providers such as Visa. As opposed to them being a separate service you would sign up for, they're integrated into the checkout process as easily as PayPal. I even saw a service similar to this here in Australia cal…
>The way it was marketed I thought it was a government scheme where you would actually access a portion of your pay early, but no.
I don't want to be insulting or make this a flamewar, but really? c'mon. It's not like they're putting the coat of arms in their logo, there is _zero_ indication this is a government run scheme.
If a presumably fairly well educated and tech literate person thinks "MyPayNow" button next to their latest order of trendy clothing/smartphone accessories/whatever is a government scheme, I'm not sure how much anyone can do to prevent less well educated and tech literate people being taken advantage of...
Re: 'Buy now, pay later' is sending the TikTok generation spiraling into debt
#6People have been falling for these scams forever. Naturally a generation which lives online will be more vulnerable to attacks coming through platforms they pay more attention to. Is there anything fundamentally new, though?
"Buy now, pay later" isn't a scam.
Re: 'Buy now, pay later' is sending the TikTok generation spiraling into debt
#7It seems like the "TikTok" generation is lacking financial literacy. I was too at that age. In the US, we don't typically have a class covering money in the US, which is unfortunate and expensive early in life.
Re: 'Buy now, pay later' is sending the TikTok generation spiraling into debt
#8People have been falling for these scams forever. Naturally a generation which lives online will be more vulnerable to attacks coming through platforms they pay more attention to. Is there anything fundamentally new, though?
I think the challenge with these online services now is that their barrier to entry is minimal. You can sign up to these services at the click of a button and they're also heavily promoted next to payment providers such as Visa. As opposed to them being a separate service you would sign up for, they're integrated into the checkout process as easily as PayPal. I even saw a service similar to this here in Australia cal…
> I even saw a service similar to this here in Australia called "My pay now"
https://en.wikipedia.org/wiki/Payday_loan
This sort of behaviour is why “money lenders” became a pejorative term.
Re: 'Buy now, pay later' is sending the TikTok generation spiraling into debt
#9People have been falling for these scams forever. Naturally a generation which lives online will be more vulnerable to attacks coming through platforms they pay more attention to. Is there anything fundamentally new, though?
"Buy now, pay later" isn't a scam.
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Re: 'Buy now, pay later' is sending the TikTok generation spiraling into debt
#10It seems like the "TikTok" generation is lacking financial literacy. I was too at that age. In the US, we don't typically have a class covering money in the US, which is unfortunate and expensive early in life.
That hasn't changed, but what perhaps has is that 1) social media and fast fashion have created even more demand for the latest clothes, and 2) every clothing retailer prominently displays "buy now pay later" options, something that only existed through credit cards when I was a kid.