Millennials and Gen Z Are Hooked on a $46 Billion Shopping App

[_V_]

I am quite grateful I grew up in an era when getting a loan or credit card was nigh on impossible and you had to go to a bank for an interview and fill in a 50 page paper form.

Otherwise in my early 20's I would have bought everything I saw.

[Fraidycat]

I am quite grateful I grew up in an era when getting a loan or credit card was nigh on impossible and you had to go to a bank for an interview and fill in a 50 page paper form.

Otherwise in my early 20's I would have bought everything I saw.

My early 20s, i had give my dad everything i earned. As he was broke and in debt. He would also guilt me into giving him my uni grant check when i was a teenager

[d000hg]

Any chance of a link not behind a paywall? Most of us here aren't rich enough to have a Bloomberg subscription.

We aren't? About time CUK had a paywall to keep the riff-raff out.

[d000hg]

I am quite grateful I grew up in an era when getting a loan or credit card was nigh on impossible and you had to go to a bank for an interview and fill in a 50 page paper form.

Otherwise in my early 20's I would have bought everything I saw.

A CC is genuinely useful for careful spenders but yeah, not a bad point.

[Andy2]

What if you buy clothes on this app and can't pay
will they come to your house and strip you

[mattster]

It's kind of an instant credit card agreement I think.

So it removes the time barrier for the Gen Z who think "I WANT THIS NOW!!!" and can't be bothered to fill in a credit card application.

Click, bought, delivered, debt is tomorrow's problem.

Presumably there's some sort of sign up process to this new thing as well, and you can get a credit card fairly quickly if you want one.. Not a lot of moral outrage here, at least beyond what was already possible through more traditional credit. My flatmate at uni went bankrupt over about £20k of CC debt, and this was 30 years ago (he thought that was a right result and a stroke of genius when he did it). They've been throwing the credit around very generously for quite a while.

[OwlHoot]

Interesting report from Bloomberg on Klarna.

"The “buy now, pay later” craze is troubling financial regulators. Speaking to some Klarna users on TikTok helps explain why."

https://www.bloomberg.com/news/artic...premium-europe

Great news - A whole new generation who are even bigger spendthrifts than me. Can only help improve my mediocre credit rating!

[Jog On]

So they're learning about debt and managing their finances like most of us had to as well. Or are they expecting some sort of bail out because it's not their fault and the concept of personal responsibility is a hate crime? Socialism should fix this.

[WTFH]

So they're learning about debt and managing their finances like most of us had to as well. Or are they expecting some sort of bail out because it's not their fault and the concept of personal responsibility is a hate crime? Socialism should fix this.

Castration would do a better job of fixing it. Too many parents in the world.

[NigelJK]

Question for me is at what point does this stop and realisation they need to own something

They think they do own it tho'.

Conversation with my step son:
Him: We've bought a new car
Me: Oh what is it?
Him: Citreon C4 <grinning> 71 plate
Me: Oh you got it one of those CPC hire things
Him: Yes
Me: You don't own it then and you didn't buy it.
Him: Sulks for few few hours