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What are CC interest rates at, and what are APTs late fees as a...

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keith200

2,402 Posts.

478

29/07/20

15:24

Post #: 46157211
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Originally posted by Andredamus1: ↑

It's pretty obvious isn't it? The purpose of credit checks is to "protect" the consumer - ie don't lend money to people who can't afford to pay it back and suck them into a debt spiral. Clearly Afterpay's product doesn't do this - it is the actual product design which protects the consumer. The first sign of trouble and you are banned from the service. On top of that, a significant % of first time users are actually declined at the outset.

Compare this to credit cards where "rigorous" credit checks are undertaken. Currently in Australia there is $25b in credit card debt accruing interest at exorbitant interest rates. So that's $4-5b in interest being paid by hapless punters to their predatory banks on an annual basis. This is at a time when wholesale interest rates are almost zero.

Which product do you think provides greater protection to the consumer?

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What are CC interest rates at, and what are APTs late fees as a proportion of the average value of the item, and then annualised.

APT Price at posting: $67.25 Sentiment: Sell Disclosure: Not Held
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