Consumers have embraced ‘Buy Now, Pay Later’ products that allow them to pay for purchases in installments, but it’s not clear how many of these loans are out there.
I assume they’re complaining about this “phantom debt” that they can’t see? It’s behind a firewall, so they’re hiding the article where I can’t see. /s
Global Financial Crisis 2 is definitely a fast component in the overall collapse process. Unaccounted consumer debt is a useful facet of a diagnostic. We don’t know where exactly the spark will originate that will blow up GFC2. It could as well start there, though it’s not very probable.
Wells Fargo estimates that there’s about $46 billion dollars in phantom debt, and that’s just from "Buy Now, Pay Later.” And that’s just in the US alone.
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