Deeply worrying, going into debt to be able to afford to eat to literally survive.
These companies springing up really are the logical conclusion of a decade of austerity and the effects of current government policy.
>Mehmet Sezgin, a former board member of MasterCard Europe, and a global retail banking expert, said: “No one should buy perishable items like food on credit. It’s an invitation to indebtedness and bankruptcy.”
Ah Mehmet, acute observation, our government though will not give a fuck about such trivialities. The poor after all are worthless in their eyes.
This is beyond disturbing, the fact they can prey on people like this is just… wow…
“buy now pay later without credit checks” this is literally fishing for people that will never be able to pay the debt off and be trapped in “late fee’s”, causing it to get worse over time… And putting alcohol/sweets on the big push too…. Beyond scummy.
These vultures make my skin crawl.
It’s a middle step on the road to the past.
Debt trapping only works when there’s a chance they’ll service the debt or pay off some of the principal.
This sort of predatory behaviour ends with either ‘company stores’ where people are paid in Klondike dollars that can only be spent in employer owned stores.
Or
It ends with modern slavery/ debt bondage where people fall into debt, live their lives with a debt they’ll never service and then their children inherit the debt and the responsibility to pay it off to the lender.
Couldn’t happen here? Why not?
Bonded labour happens all over the world and it’s the basis for our feudal past which lives on in the modern system of lords, lords spiritual, monarchy, aristocracy.
The Conservative party only care about the poor if they can use them. This is just a better idea than drying them out for firewood as far as they’re concerned.
These companies are just another Wonga payday loan scandal unfolding
Of course with the government ‘distracted by a really important matter concerning parties’ they will be right on top of the issue and act quickly
When people are buying food and drink on the never never there’s something deeply fucking wrong with your economic and political system.
> Two large salmon fillets were promoted for a “1st payment” of £1.50
Since when do “struggling families” get salmon fillets?
That sounds like an “offer” designed to get them to spend more.
Fuck me, buying groceries on credit is practically the archetypal example of when your debt is out of control. This is grim.
21st century and we have people who need their food on tick. We have failed as a species.
The direction the UK is going in is reducing the wealth of the middle-class. Of course such a path also puts millions of the working class into actual destitution.
This is just payday loans, rethought.
We are allegedly the ~7th richest economy. Stuff like this, and food banks, should not exist.
There’s a cruelness to the intent and strategy of these companies that just beggars belief
Jesus, the vultures are always circling aren’t they…
I think we need more general education on finance.
Credit as leverage for investment is ok. A mortage can be a very wise decision, compared to paying rent. A PCP for a car can be a good decision (although personally I would rather get a used car if on a budget).
Credit to match your cashflow can be useful. An interest free credit card that is paid off the day after pay day – great.
But consumables on credit are a mistake, always have been, always will be. You will still be paying off your veg long after they have gone bad.
It needs to be more common knowledge that generally most sources of solid financial advice agree on one thing: borrowing money for anything other than an investment is a **bad idea**. So anything other than (mortgage, car to take you to better paying job, something with increased returns). Not that these people might have a choice, but the predators rely on their ignorance.
I’m sure I’ll get some capitalism apologists telling me how sensible people can buy clothes on credit and pay it off but the borrowing model exists because not everyone knows how to be “sensible”. It is a predatory model for profit, it relies on the exploitation of human weakness. Not a great moral position to be defending that.
so many dystopian societies in fiction with generational debt servitude used to control and gentle populations into compliance.
15 comments
Deeply worrying, going into debt to be able to afford to eat to literally survive.
These companies springing up really are the logical conclusion of a decade of austerity and the effects of current government policy.
>Mehmet Sezgin, a former board member of MasterCard Europe, and a global retail banking expert, said: “No one should buy perishable items like food on credit. It’s an invitation to indebtedness and bankruptcy.”
Ah Mehmet, acute observation, our government though will not give a fuck about such trivialities. The poor after all are worthless in their eyes.
This is beyond disturbing, the fact they can prey on people like this is just… wow…
“buy now pay later without credit checks” this is literally fishing for people that will never be able to pay the debt off and be trapped in “late fee’s”, causing it to get worse over time… And putting alcohol/sweets on the big push too…. Beyond scummy.
These vultures make my skin crawl.
It’s a middle step on the road to the past.
Debt trapping only works when there’s a chance they’ll service the debt or pay off some of the principal.
This sort of predatory behaviour ends with either ‘company stores’ where people are paid in Klondike dollars that can only be spent in employer owned stores.
Or
It ends with modern slavery/ debt bondage where people fall into debt, live their lives with a debt they’ll never service and then their children inherit the debt and the responsibility to pay it off to the lender.
Couldn’t happen here? Why not?
Bonded labour happens all over the world and it’s the basis for our feudal past which lives on in the modern system of lords, lords spiritual, monarchy, aristocracy.
The Conservative party only care about the poor if they can use them. This is just a better idea than drying them out for firewood as far as they’re concerned.
These companies are just another Wonga payday loan scandal unfolding
Of course with the government ‘distracted by a really important matter concerning parties’ they will be right on top of the issue and act quickly
When people are buying food and drink on the never never there’s something deeply fucking wrong with your economic and political system.
> Two large salmon fillets were promoted for a “1st payment” of £1.50
Since when do “struggling families” get salmon fillets?
That sounds like an “offer” designed to get them to spend more.
Fuck me, buying groceries on credit is practically the archetypal example of when your debt is out of control. This is grim.
21st century and we have people who need their food on tick. We have failed as a species.
The direction the UK is going in is reducing the wealth of the middle-class. Of course such a path also puts millions of the working class into actual destitution.
This is just payday loans, rethought.
We are allegedly the ~7th richest economy. Stuff like this, and food banks, should not exist.
There’s a cruelness to the intent and strategy of these companies that just beggars belief
Jesus, the vultures are always circling aren’t they…
I think we need more general education on finance.
Credit as leverage for investment is ok. A mortage can be a very wise decision, compared to paying rent. A PCP for a car can be a good decision (although personally I would rather get a used car if on a budget).
Credit to match your cashflow can be useful. An interest free credit card that is paid off the day after pay day – great.
But consumables on credit are a mistake, always have been, always will be. You will still be paying off your veg long after they have gone bad.
It needs to be more common knowledge that generally most sources of solid financial advice agree on one thing: borrowing money for anything other than an investment is a **bad idea**. So anything other than (mortgage, car to take you to better paying job, something with increased returns). Not that these people might have a choice, but the predators rely on their ignorance.
I’m sure I’ll get some capitalism apologists telling me how sensible people can buy clothes on credit and pay it off but the borrowing model exists because not everyone knows how to be “sensible”. It is a predatory model for profit, it relies on the exploitation of human weakness. Not a great moral position to be defending that.
so many dystopian societies in fiction with generational debt servitude used to control and gentle populations into compliance.