I already see where this is going. The far-right is going to fuck up their credit scores even worse and then blame the NWO or wokeness or socialism or anything but their own stupidity when they cant get a car loan in 3 years.
this post was submitted on 18 Aug 2023
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Privacy
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You dont need a credit score to borrow money. I own crypto that i can borrow against as collateral for a loan. Plus i can keep it out forever as long as i pay at least the interest payment. I obviously dont do that, but i could. You do have to be careful with borrowing from crypto or stocks since they fluctuate and you could get liquidated, but i am allowed to borrow up to 70% of the face value and i have a personal cap of 35% so i never run into that.
What do the people who don't have money do?
Dont borrow money. About the worst thing you can do is go into debt
The car I need to go to work? Was I suppose to be born with 3-15K for that car? The House I want to buy. guess I just need to dig though the laundry for that 500K I left in my pants pocket?
I am all about not going into debt but often times it is a necessary evil.
Ah, we are thinking different debts. A car is like 7% and a house is like 5%. I am talking credit cards at 20-25% as being the real problem. If you have assets like stocks or crypto and need to replace the water heater you can get $500 at 6% instead of the 20% you would pay on a credit card. $1000 is enough to borrow $500 and be at 50% utilization, though $1600 would be better since that would only be 30% utilization. Plus you get to keep the interest bearing asset while younpay the loan off which you could use to lower your paid out of pocket interest even farther.
Doesn't your credit score affect the type if interest you will get even on an assets lone? My understanding at least in the US credit scores affect basically all credit lines. That is why they recommend getting a credit card to help built you score. As long as you pay it off every month it is basically free use of someone else's money. That builds up your credit score.
Yeah, if you are borrowing from stocks your credit score is a factor. However, the APR will still be way lower than any CC. With a crypto loan like i use no credit score is needed at all, just the assets to borrow from.
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Don't worry, this time next week they'll be on to the next thing to be angry and afraid about.
I wouldn’t mind using cash, but I also don’t want to keep a bunch of money lying around my house aside emergency funds. I also don’t want to drive all the way to a bank branch or some ATM in a sketchy part of town in the middle of the night to buy something
Credit cards have also made it too easy for entire countries to rack up life ruining debt. It’s the point, I suppose.
I suppose the ultimate compromise is: use a credit card to withdraw cash (many companies allow this), and use that cash for private purchases. Though I’m not sure how chargebacks work with withdrawn cash.
Ye, it's all a right wing conspiracy! Or left! Or middle... Who cares, just keep consuming and don't ask questions.
who cares? share good privacy preserving tips. don't agree? do you and see if it works out.
Austrian citizen here and idk if he would qualify as far right in the US but our current president is one of them!
Are there reasonably okay options to paying digitally without the surveillance part (or at least less of it as compared to credit cards?) Blockchain is a nonstarter due to the practical limitations in sustaining proof of work and stake.
No. You can’t have privacy and also a ledger required to prevent money laundering and other scams.
Paying in cash means I have to go to an actual store and talk to someone in person. No thank you
ATM's make pulling out cash an option without human interaction, plus there's exponentially less tracking possible. Seems like a win-win, especially when you take into account some banks are revoking the option to pull out cash.
You do realize that cash self checkouts exist? They're only rare as they cost more money for companies, but who says they couldn't be legally enforced? I've honestly seen them only in hipermarkets like Auchan, Tesco, Le'Clerc and Carrefour.
What? Talking to a cashier is dreadful? That is why your againsh cash?
Covid made this really hard and somewhat political. A lot of businesses stopped taking cash. Some still don't take cash. Covid was never spread much in surfaces but I wasn't trying to argue and look like some whack job antivax person.
Cash is bad, but better than CBDC