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The myth pf BNPL novelty, page-2

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01/08/20

15:07

Post #: 46237500
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Originally posted by PigsMightFly: ↑

Many (most) posters are claiming that BNPL is novel and totally groundbreaking. They accuse anyone who disputes this as failing to 'understand'. [See 'The Emperors New Clothes']
https://en.wikipedia.org/wiki/The_Emperor%27s_New_Clothes

BNPL is just another form of store credit. 'BNPL' was actually the normal way to buy medium ($50-$500 equivalent) purchases and services (doctors, dentists etc) until about 40 years ago. You shopped at a store.They added the item to your account or sent out a bill. You settled four weeks later. You paid a late fee if the account went overdue. If you owed money you account was frozen until it was repaid. Country pubs even allowed patrons to buy beer and cigarettes on credit.

The only real difference between store credit and BNPL is who accepts the credit risk.

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The only real difference eh.

So 40 years ago when I got my goodies from best and less and failed to settle on time, how did Norman Ross know not to allow me to go into credit?

APT Price at posting: $68.54 Sentiment: Hold Disclosure: Held
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