I guess I am a statistic then. Our family couldn’t do it anymore and it got out of control. We gave up all the cards and did debt consolidation… it’s going to be a fun 5 years, if we can even make this work.
I hope… No, I pray that Klarna, Afterpay and all the other similarly shitty services go belly up. They’re basically modern payday lenders and those businesses should die.
You know a lot of those cash advance apps you can just revoke the ACH and delete your card from it. In their terms of service it literally says you are not obligated to pay it back. All those fintech companies.
I may or may not know somebody that revoked ACH and closed accounts with a few of them a year ago and nothing ever came of it. They’re fintech companies not banks.
I am no disputing the anecdote but people also need understand that there is a risk.
They will only sue you because they think they can get their money back, suing costs money to start with. There is a break even point or some times just a point.
Either way, people should be assessing their financials with proper care. Remember folks that trump used this tactic lol don't feel guilty about a "leadership" tactic.
Do payday lenders (like Money Mart or whatever) not charge fees unless someone is late on a payment? I honestly don’t know how they work. I was under the impression that similarly, the only way Klarna and the others made money was by late payment fees since whenever they come up in a checkout it always says there are no fees (which I take to mean if payments are on time).