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

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 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"

Credit, in this sense, is also used to solve a cash flow problem. It’s a bad sign when that credit (or Klarna Pay-in-3 style setups) is applied to basic day to day expenses like buying groceries or other necessities.

Basically the market’s answer to increasing poverty: you’re not getting paid more, so how about we give you a payment plan to spread things out?

Why does it feel different? 1: the amount of stuff we buy has increased a lot. Anybody who owns what would be considered solidly middle class in the early 1970s will feel quite poor today. 2: financial security is way down.

In the early seventies a middle class family of 6 would own a 1200 square foot house, a single car, a single TV and a single radio would be the sum total of the entertainment electronics they owned, they'd have less than a dozen outfits apiece, they'd eat out about once a month, a vacation to a neighboring state would feel like a splurge, et cetera.

But they were relatively content. 1: they were much better off than their parents and grandparents, who experienced the depression & WW2. 2: they were "keeping up with the Joneses". 3: they had a feeling of financial security due to job security and the fact that serious health events were unlikely to financially devastating.

Maybe some of that problem is about spending too much money, but it cannot be denied that housing are unaffordable and that transportation is inefficient and is a mess.

Huh? Doesn't the average American live in a city? The whole reason for accepting being squeezed in tightly with other people is so that you don't have to worry about transportation; enabling everything you could ever want and need to be found in short walking distance.

Transportation is for people in rural areas. Yes, it is expensive, but that's exactly why most people left rural areas for the city long ago.

My three children each have their own room. They can ride their bicycles on our sleepy street without having to constantly worry about reckless drivers. They can explore the walking trails and wooded areas our community maintains. They can play baseball in one of the nearby fields without having to worry about breaking a car window in doing so.

My wife has a large crafting area. I have an office. We have a home theater. We have a workshop in our garage. We have a large sunroom which opens to a large deck suitable for entertaining many friends at once.

Getting even a fraction of what I described above in a city would cost a fortune.

Its the weird middle ground that has all of the downsides of the country and all of the downsides of the city all packed into one that we're talking about.

But what happens in the places we're talking about is that the people accept a small backyard in order to keep everything close, but also work to ensure that amenities aren't welcome, only allowing other houses to be close. So you get all the downsides of the city, having to trip over your annoying neighbours, but also the downsides of living in the country, having to waste large amounts of time driving to do anything.

What do people see in these strange middle places?

Not sharing a wall or ceiling with other people is great actually

I am constantly told that dense housing "built right" is quiet and peaceful and you never hear your neighbors through the walls, but my experience in apartments in my 20s was not like that

I constantly had neighbours that would play loud music at all hours, or get into fights with their partners or otherwise just be extremely disruptive and stressful to share a building with

I'll take the trade of having to drive a couple more minutes to get to a store if it means I never have to hear my neighbours having loud sex through the walls again at 2am when I'm trying to sleep