Hi @uninformed82 thanks for your reply. A few further comments from me:
"Do you honestly think people are solely exposed to one form of credit/debt when they "switch" to BNPL?"
No, and I don't think I said that anywhere? But for the type of credit we are talking about (small consumer goods), it's either credit cards, or personal loans. Credit cards are by far the most common means. Not many people take out a personal loan to purchase consumer goods. If they do, it's probably because their three credit cards are maxed out, so they've gone to Nimble or some other payday loan shark.
"There's no hypocrisy there is no comparison, debt is debt."
Incorrect, in my view. Not all debt is equal. You have mentioned mortgages in the same breath as personal loans and credit cards, yet they're totally different. Mortgages are secured debt, and as such are far harder to be approved for: you have to pass a fairly robust means test by the bank to ensure you can pay it back. Credit cards are unsecured, as are many personal loans - hence you can get multiple credit cards, even if they're not in good shape. Totally different scenario. And again, in the context of IOU and BNPL we are clearly talking about the purchase of consumer goods, so mortgage debt is irrelevant, and personal loans are far less relevant.
"BNPL isn't some revolutionary "screw the banks" support the little guy system. It's the same shit wrapped up different and the banks want in because it's a cash cow"
I agree with you - that's actually point of both my posts. Here's the hypocrisy, which you seem to dismiss:
1. Look at who have been some of the most vocal critics of BNPL over time
2. Look at who has been calling for more regulation in the BNPL space
3. Look at who is entering the space, boots and all, to win a share of the market
Spoiler: the answer to all three questions above is the same: Banks.
That's the hypocrisy I'm talking about.
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