Poverty industrial complex:
- payday loans
- buy now pay later
- lottery
- meme coins
- overdraft fees
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Replies (30)
Saying to my mate yesterday when we saw an advert for a firm named "drafty", as in overdraft but not sounding so menacing, that the fuckers are STILL trying to encourage people in to debt.
The advert talked about how to handle that "sudden unexpected expense".
No advert suggests people save up and have a safety net. Nope.
Just debt.
More and more and more debt.
Sickening.
This song came to mind
Overdraft fees were always the salt in the wound. "Here's a fee for being broke... Asshole."
Talk about kicking a man while he's down.
🔥
Great song.
I’m not alone cuz the tv’s on yeah
I’m not crazy cuz I take the right pills every day 🎶
I stopped taking the pills they gave me. All they did was make me apathetic to the system.
They gotta keep you poor somehow
Pay for your chipolte with 4 easy installments of $3.59
What pills were you taking? I never got near the stuff
Prozac. I wish I could say the same.
That’s for depression?
Or “How to stay in the permanent underclass forever” 🦗
& anxiety
Glad you’re off that stuff now. Have you heard this song?
energy drinks,
Sir, we have repo loans on Bitcoin now and I’m told we are supposed to celebrate this
- polymarket
I haven’t. They sound like System of a Down. But, 🔥 song.
💯🎯
He’s the guy from System of a Down lol
You forgot financing a doordash order for burger king.
I knew someone who budgeted her overdraft into her budget weekly, like actually considered it as part of her spending power, every week. *Every week.* This person signed up for a chime card just to get a free 35 dollar overdraft once a week. Wanted me to sign up for one so she could get the $20 referral and buy a cape because she'd already used her 1 fee free overdraft for the week and it was Thursday.
Just putting out there, while these adverts are certainly evil, they're not for you and me. They're for a particular breed of people that can't think 24 hours ahead. And you can't help those people; they have to help themselves and they're wholly uninterested.
🤣
Riba and Maisir, basically the high time preference core that reverses the process of civilization
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but you re borrowing fiat and while actually having the money (over collaterized) so this is absolutely different than borrowing money you don’t have for consumption; not saying they are a good thing though
“while actually having the money”
You better maintain that statement over the life of the loan cuz Strike will repo your Bitcoin if you don’t make payments and they don’t even gotta show up on your driveway to do it. Leverage is leverage there’s nothing magic or even new here
I never said I think that these loans are a good idea. I said that they are entirely different and the risks do not fall into the “poverty industrial complex” which was the topic of the thread
You said this was different than borrowing money you don’t have.
IRL nobody secures loans with thin air, never have… it’s always collateralized against something they can take from you either now or in the future.
You leverage yourself and take a bet that you can pay it off (and/or in these cases, that the volatile asset you’re borrowing against goes UP within the timeframe of the loan).
The risk/reward asymmetry still favors the debtor. So it’s really not that different.
Creditor** ILO debtor above^
- payday loans
- buy now pay later
money you don’t have;