Borrowers, especially the young, struggle with credit card debt in potentially bad sign for economy
Borrowers, especially the young, struggle with credit card debt in potentially bad sign for economy
Consumers are increasingly struggling to pay their credit card bills, raising concerns about severe delinquencies spiraling and sapping consumer spending.
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If we all just stop paying our debt, they can’t do anything.
The Gang Gets Repossessed
Well they said "all", so more like " the gang causes a massive global financial collapse."
The solidarity issue version of the Prisoner's Dilemma: If enough of us cooperate, we can get away with it, but if we don't hit that mass, we'll get fucked for it. The strictly dominant strategy is to defect, because the outcome isn't as bad if the others defect too.
The difference is that the Prisoner's Dilemma deals in absolutes (two players with the same two choices) whereas the issue at hand has nuance (some of us have more debt, some less, some ot us can more easily shoulder the initial burden imposed by being the first to get sent to collections, the outcome doesn't strictly depend on total cooperation or even on numbers alone).
Also, the Prisoner's Dilemma assumes the prisoners have no way of communicating and no loyalty toward each other. We can communicate and coordinate.
Wooo! Is it warm in here or am I just excited.