this post was submitted on 29 Nov 2024
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Summary

Gen Z is increasingly relying on “buy now, pay later” (BNPL) services for holiday shopping, with spending projected to rise 11.4% this year, totaling $18.5 billion.

These services appeal to younger consumers with limited credit histories but can lead to overextension, as they lack centralized reporting and encourage overspending.

Experts warn of accumulating fees, particularly when BNPL plans are tied to credit cards.

With inflation and rising credit card debt already burdening Gen Z, consumer advocates caution that these services may worsen financial instability despite their convenience.

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[–] lychee@lemmy.blahaj.zone 63 points 3 weeks ago* (last edited 3 weeks ago) (2 children)

In this age where you can quickly spend thousands online (or even in person) without having to actually watch any of it disappear, and corporations are hiring psychologists to make their services and platforms as addicting as possible, you're gonna get a lot of this

I see everyone in the comments saying that Gen Z have checked out and are waiting for the end but I really don't think so.

I think it's never been easier to manipulate a person to separate them from their money and things are deliberately designed that way. Big shiny upgrade now buttons, services forcing you onto 7 day free trials for premium plans upon signing up, expensive yearly subscriptions for products that ten years ago would have been unthinkable as anything other than one time purchases, you name it. Capitalists have used the internet to minmax their penny pinching.

[–] jake_jake_jake_@lemmy.world 24 points 3 weeks ago (1 children)

to take this a step further, imagine someone who has been exposed to these services designed to be addictive their entire (digital) life, as well as being pushed further into these services by their peers who are equally addicted and the "influencers" they look up to that are paid by these services.

[–] lychee@lemmy.blahaj.zone 11 points 3 weeks ago

Yep. It's seriously remarkable how deeply these fuckers have sunk their claws into our social fabric. Literally every possible tactic they can employ to suck as much money from as many people as possible, have been employed, consequences be damned no matter how severe. This cannot be allowed to continue

[–] frayedpickles@lemmy.cafe 1 points 3 weeks ago

People do tend to learn defenses against the environment in, so Im surprised.