• Tankiedesantski [he/him]
    ·
    1 year ago

    Ultimately, I feel the solution should lie more in educating consumers on financial literacy.

    You can crack down on predatory lending and educate consumers. However, you'll never be able to educate the average consumer to be immune from sophisticated schemes simply because most people have other things to do on life and scammers devote a lot more time creating new scams than the average person can devote to learning about avoiding scams.

    • wahming@monyet.cc
      ·
      1 year ago

      I'm not sure this qualifies as sophisticated - or even a scam, when everything is specified in plain text.

      • Tankiedesantski [he/him]
        ·
        edit-2
        1 year ago

        Except obviously it is because nothing on that website alerts the buyer to the possibility of paying 4x the price of the good as the total cost of transaction. 33% to 38% interest pa is already egregious enough as it is but 4x the base cost of the good is absurd and usurus.

        Sounds like you just have an ideological bias against consumer regulation and are trying to fit the facts into your framework.

        • wahming@monyet.cc
          ·
          1 year ago

          Sounds like you just have an ideological bias against consumer regulation

          I'm in favor of consumer protection laws on aspects like quality, safety, etc. Things that are more nebulous and harder or impossible to check. But at some point, I do believe consumers have a responsibility as well. I understand that convenience stores charge me more than groceries, and it's fully on me if I shop there. In the same vein, if I buy a car that's going for 50% above market value, I'm not about to scream fraud, provided all information on costs and fees were given to me.

          • BelieveRevolt [he/him]
            ·
            1 year ago

            You can look at this from another perspective, which is the benefit of allowing a scam like this to continue vs. regulating it out of existence. The only upsides of allowing this to continue is the company perpetuating it making money and a smug lemmitor getting to feel superior to the poors and disabled people, so it's obvious that it shouldn't be allowed to exist.

            • wahming@monyet.cc
              ·
              1 year ago

              It's amazing how many hexbears can't have a simple discussion without getting personal.

              I agree this BS needs to stop. I disagree on HOW it should be stopped. The market (and people out to make a quick buck) will always move faster than the govt can respond. Especially when the victims involved here have shown absolute zero financial literacy. Rather than treating the symptoms, I believe there should be more focus on education.

              • Tankiedesantski [he/him]
                ·
                edit-2
                1 year ago

                It's amazing how many hexbears can't have a simple discussion without getting personal.

                Not really much of a discussion to be had. You just keep alleging facts without evidence. I don't think many people consider "Uh huh!" and "Nuh uh!" to be a form of discussion.

                • wahming@monyet.cc
                  ·
                  1 year ago

                  Wasn't referring to you here, you'll notice we had a reasonable conversation, even if we disagreed. You were the lone exception though.

                  • UlyssesT
                    ·
                    edit-2
                    2 months ago

                    Removed by mod

              • UlyssesT
                ·
                edit-2
                2 months ago

                deleted by creator

          • Tankiedesantski [he/him]
            ·
            1 year ago

            Things that are more nebulous and harder or impossible to check.

            Then please demonstrate how easy it is for the consumer to check their total payments by posting a screenshot from that website that alerts the consumer to the possibility of paying 4x the cost of the device as the total cost of transaction.

            • wahming@monyet.cc
              ·
              1 year ago

              check their total payments

              If you're signing a contract with no idea how much you're going to be on the hook for, no amount of govt protection will keep you solvent.

              • Tankiedesantski [he/him]
                ·
                1 year ago

                The government could very much keep them solvent by, for example, mandating that consumer credit contracts must show tables of total payments including all fees and interest over time. Does the credit contract in question display such information? Onus is on you to provide proof if you're alleging that it does.

                • wahming@monyet.cc
                  ·
                  1 year ago

                  Onus is on you to provide proof if you’re alleging that it does.

                  At no point did I allege that, so no.

                  The government could very much keep them solvent

                  Doubt. They'll find some other money trap to fall into in a week unless they're taught to actually be smarter about their finances.

                  • UlyssesT
                    ·
                    edit-2
                    2 months ago

                    deleted by creator

                  • BelieveRevolt [he/him]
                    ·
                    1 year ago

                    Doubt. They'll find some other money trap to fall into in a week unless they're taught to actually be smarter about their finances.

                    ”Poor people are poor because of their inferior nature” Fuck off.

                  • Tankiedesantski [he/him]
                    ·
                    1 year ago

                    At no point did I allege that, so no.

                    You have been consistently been alleging that the woman in question could have easily checked the total cost of her payments, which you have just declined to provide proof for. I will take this as a concession from you on this point and move on.

                    Doubt. They'll find some other money trap to fall into in a week unless they're taught to actually be smarter about their finances.

                    This is an unfalsifiable counterfactual and I will dismiss it without further comment.