Simply look at what happened in USA
https://en.m.wikipedia.org/wiki/Subprime_mortgage_crisis
Same things is happening with Afterpay, they give money to people who don't have money to pay back and allow anyone (international students, backpackers etc..) to borrow up to $1000
Then they never pay back and Afterpay cannot take any legal action to get back the money, the amount is too small.
Afterpay still exists only because of its shareholders that are too blind to realised Afterpay losing money to bad payers which cannot be covered up with commissions taken on good payers...
It's the same than the Subprime Mortgage leading to the crisis we all know.
You will see in the following comments, numerous shareholders trying to counter arguments this topic but they mostly claim that I am an ex investor which I am not as I spotted long time ago on numerous Facebook groups posts explaining how to steal $1000 from afterpay:
-You need a bank card from any Australian bank-You then use the credit and make sure to have your bank card working for the 1st repayment
-You can now use $1000, go spend in what ever you want.
-Cancel your credit card and this is it, you will never have to relay Afterpay like thousands of people so every years and don't worry of a debt collector calls you or email you, you can just ignore it, they have no legal way to get back the money on the behalf of Afterpay and Afterpay too.
You will also see comments of current shareholders only looking to reassure and push other investors to keep pouring money into Afterpay, don't be fooled by them and read carefully their arguments to that topic to realised they are in denied that Afterpay losing money to bad payers.
The fact is they do and good payers cannot cover their losses, only the shareholders are keeping that Ponzi scheme working but ultimately it will failed and many people will lose their investment.
You have been warned.
