Late Stage Capitalism

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Also, your credit score drops if you pay all your debts (discuss.online)

submitted 4 days ago by bytesonbike@discuss.online to c/latestagecapitalism@lemmy.world

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[–] merc@sh.itjust.works 1 points 2 days ago (1 children)

No, the whole point of bankruptcy is that your debts are cancelled.

At the end of the process, your qualifying debts will be discharged, meaning you’ll no longer be responsible for them, so long as you satisfy the bankruptcy terms.

https://www.investopedia.com/terms/b/bankruptcy.asp

with a strike system, you're good until you're not.

How is that better?

a score system means you can be rejected from some places and accepted at others

And that's worse than being universally rejected? In reality, if you're completely shut off from credit, it will just encourage illegal loans from loansharks, etc.

also, there's none of that "your score is low because you have nothing to pay off" nonsense.

You don't have a history of dealing with debt, so they don't assign you the ultra-safe score. If another place doesn't have that, they'll simply have to charge a higher rate to everybody because they can't tell who is going to be good at handling debt and who isn't.

[–] lime@feddit.nu 1 points 2 days ago (1 children)

No, the whole point of bankruptcy is that your debts are cancelled.

no:

privatpersoner behåller sina skulder om de går i personlig konkurs.

with a strike system, you're good until you're not.

How is that better? [...] And that's worse than being universally rejected?

the answer was literally the sentence after the one you quoted.

[–] merc@sh.itjust.works 1 points 2 days ago (1 children)

No, the whole point of bankruptcy is that your debts are cancelled.

no:

yes:

the answer was literally the sentence after the one you quoted.

No, it claimed without evidence that somehow a strike system prevented "scummy lenders", whereas the reality is that it would result in the scummiest lenders of all, loansharks.

[–] lime@feddit.nu 1 points 2 days ago (1 children)

and yet it does not.

[–] merc@sh.itjust.works 1 points 2 days ago (1 children)

what?

[–] lime@feddit.nu 1 points 2 days ago (1 children)

it would, and has not, resulted in significant proliferation of loan sharks. we hear far more about those from the us than locally.

[–] merc@sh.itjust.works 0 points 2 days ago

Ah, so that's the only difference between the countries?