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Comment on U.S. consumers are so fucked up, that they put more than $1 billion on buy-now, pay later services during Cyber Monday

nightwatch_admin@feddit.nl ⁨2⁩ ⁨months⁩ ago

Remember kids: someone is making money off of this, and it’s not you. There’s a reason some European countries have (started to) put this BNPL under strict credit regulation.

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Echolynx@lemmy.zip ⁨2⁩ ⁨months⁩ ago
I’m glad at least some countries are taking notice.

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- nightwatch_admin@feddit.nl ⁨2⁩ ⁨months⁩ ago
  The Dutch national Financial Authority, for example, has a good explanation on why this is problematic and what exactly will happen per November 2026: www.afm.nl/en/sector/…/pb-marktupdate-BNPL-2025
  
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  - kungen@feddit.nu ⁨2⁩ ⁨months⁩ ago
    
    A legally required age verification will be introduced. We want this to take effect as soon as possible to prevent minors from using BNPL.
    
    Wait, it’s legal to put minors into debt in the Netherlands? In Sweden, a minor wouldn’t be liable to pay any such invoice, as minors can’t sign any legally-binding agreements without their guardian’s consent.
    
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    SkunkWorkz@lemmy.world ⁨2⁩ ⁨months⁩ ago
    No it’s not legal. Currently BNPL just doesn’t fall under the same strict rules as normal debt. So the KYC rules are pretty lax. Minors can easily circumvent the checks.
    
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    nightwatch_admin@feddit.nl ⁨2⁩ ⁨months⁩ ago
    Not the minor as I understand it, but the unknowing parents, yes. Do consult your international lawyers before setting up a Klarna or something.
    
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