Nobody is buying a wall box on credit, but online retailers figured out if they just enable installment payment everywhere, it provides a small lift to sales at the expense of snarky comments from Lemmy.
this post was submitted on 24 Oct 2024
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Enabling it everywhere facilitates people purchasing things they can't afford and fucking themselves.
The picture is funny but the real thing is filling up a cart with everything needed for a renovation, failing to pay a payment and having it cost you more than list price with the hidden, past due accounts owe us 30% interest plus fees type of paradigm.
If you need to borrow money for a renovation, a HELOC is way cheaper than a credit card.
IDK how much we need to protect stupid people from themselves.
Quite a lot, actually.
https://www.creditkarma.com/about/commentary/americans-have-a-net-worth-problem-and-its-not-positive
More than half of Americans don’t know how to calculate their net worth (51%)
Nearly one-third of Americans have a net worth of $0 or less (31%)
And thats over a year old, its getting worse.
Not everyone has access to the financial education that teaches you how bad this is. I see so many people that don't actually understand how credit cards work because they "just got one" after signing up for a rewards program (basically, got scammed into signing up).
They are practically disabled so hopefully more than we are doing.
Ignorant people need protection too. It's not like predatory lending is a thing thought in schools.
foot-guns are a natural part of the internet and are crucial for its ecosystem.
We can't make laws to block all human stupidity.
No, but we can block the predation
"There is no such thing as idiot proof, only idiot resistance."
Maybe some of us don't have $1.90 to just throw around willy nilli Mister Rockefeller
And just because lol, the 4 easy payments of $0.48 isn't the $1.90 price either.
Good job, afterpay?
The 2¢ is for interest.
They just had to round up instead of rounding down, bunch of crooks
This is... how that almost always works? People don't check how much it sums up to with those smaller payments and pretty much always end up paying more. Because it is so little per payment, the average person looking at this does not consider that.
It’s even more disturbing that Instacart does this for groceries. By the time you pay off one grocery order, you’ve probably already racked up three more grocery orders. If those were financed, then you’re really screwed.
Eughh that's criminal
I remember visiting my family in Brasil some 20 years ago. Lots of stores had their own financing-long-term offers. People would then continue buying without bothering with details, each buy would add to a total sum.
There's no way to check if the total amount was correct, without including the % they had to pay for the credit, which changed every month.
A tedious task most people didn't bother with.