Anyone with a smart phone can now spend their life savings on crypto or sports betting with almost zero friction.
We have a trillion each in student loans, auto, and credit card debt. Those (besides student loans) have requirements for credit worthiness. So those people were screened and some weren’t allowed to take on debt.
Not handled well (or ignored because it’s not viewed as a systemic risk), it’s a non-negligible portion of the population that is financially wrecked and unable to meet their debt obligations. And we can’t just make policy that says the idiots that blew their money on gambling and crypto don’t need to pay back their debt… it gets ugly fast.
We have a trillion each in student loans, auto, and credit card debt. Those (besides student loans) have requirements for credit worthiness. So those people were screened and some weren’t allowed to take on debt.
Not handled well (or ignored because it’s not viewed as a systemic risk), it’s a non-negligible portion of the population that is financially wrecked and unable to meet their debt obligations. And we can’t just make policy that says the idiots that blew their money on gambling and crypto don’t need to pay back their debt… it gets ugly fast.