FICO to incorporate buy-now-pay-later loans into credit scores

Theoretically, credit should be used for one thing: to make more money. (not less)

However, instead of using it to buy or construct a machine to triple what you can produce in an hour, the average person is using it to delay having to work that hour at all, in exchange for having to work an hour and six minutes sometime later.

At some point, you run out of hours available and the house of cards collapses.

i.e., credit can buy time in the nearly literal sense, you can do an hour's work in half an hour because the money facilitates it, meaning you can now make more money. If instead of investing in work you're spending on play, then you end up with a time deficit.

or, e.g. you can buy 3 franchises in 3 months instead of 3 years (i.e. income from the 1 franchise), trading credit for time to make more money, instead of burning it. It'd have been nice had they taught me this in school.

> the average person is using

The "average person" is told from birth to consume as many things and experiences as possible as it if was the only thing that could give their life a meaning. The entire system is based on growth and consumption, I have a hard time blaming "the average person"

I acknowledge that such telling exists, but there is still responsibility for people choosing to listen to it. Skepticism is vital. Beyond being skeptical of what you see, it is wild to me that we don't have approximately everyone blocking all ads, cable news, most social feeds, and other such transparently manipulative shit. Advertisement especially is literally industrialized and research-based psychological manipulation to make people do things that make no sense (see what Alfred Sloan did to GM, for an early example) — it's toxic and should be absolutely avoided.

You can’t block all of it all of the time, and children (some of the most vulnerable) especially can’t.

Or you end up with the opposite end of the problem. I grew up in destitute poverty and was told all my childhood that credit was an evil trap - I should absolutely never use it.

Well, spring forward to me starting a pretty good career as a software developer and wanting to get my first reliable car. I had no credit history and ended up with a 19% APR. That really, really sucked.

It's been 10 years since then and I still get dinged for not having "enough" credit history despite having a couple car loans and several credit cards that I rotate bills on. The whole system feels like it's designed to punish anyone who doesn't fit into the role of a perfect consumer.

You didn't get fucked with 19% apr because you had no credit history. You got fucked with 19% APR because either the parameters of the loan were really bad or there were some other circumstances. Income less existing obligations vs payment size account for the lion's share of interest rate on an auto loan or just about any other consumer loan.

Credit history is massively over-sold as being impactful by the kind of idiots who live payment to payment.