The proliferation of payment plans.
Everyone can "afford" a flagship smartphone. Only 36$ per month Everyone can afford a car only : 340$ a month.
numbers add up fast digging themselves into a hole
Everyone can "afford" a flagship smartphone. Only 36$ per month Everyone can afford a car only : 340$ a month.
numbers add up fast digging themselves into a hole
But auto loans were around since the 20s. What changed?
If some are rejected directly by the banks for getting these loans, then the banks can still get them by setting up a BNPL (Buy-Now-Pay-Later) competitor / service with even higher interest rates. Either way, the banks still win.
So you will own nothing, and you will be very happy. Even if you can't afford it, the banks will be very happy to charge you interest and you will still be happy.
The scam of the century.
If anything, banking and lending regulation have only increased since the boomer era. We made it more convenient, but we also made it harder for businesses to trap people in bad loans.