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Americans Are Racking Up 'Phantom Debt' That Wall Street Can't Track
(www.bloomberg.com)
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This is the place for discussing the potential collapse of modern civilization and the environment.
Collapse, in this context, refers to the significant loss of an established level or complexity towards a much simpler state. It can occur differently within many areas, orderly or chaotically, and be willing or unwilling. It does not necessarily imply human extinction or a singular, global event. Although, the longer the duration, the more it resembles a ‘decline’ instead of collapse.
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Related lemmys:
BNPL (Buy Now Pay Later) debts not recorded with credit agencies, so no idea how much.
I have zero idea why this is collapse related but here we are.
Global Financial Crisis 2 is definitely a fast component in the overall collapse process. Unaccounted consumer debt is a useful facet of a diagnostic. We don't know where exactly the spark will originate that will blow up GFC2. It could as well start there, though it's not very probable.