The promise of financial technology was to free us from queues and paperwork. Today, a click grants us a loan and another buys stocks. But in this paradise of immediacy, the average young person accumulates debts they don't understand. They confuse the value of things with their price in installments, ignoring that the true setback is not knowing how to wait to buy something. Progress gives us tools, but it doesn't teach us how to use them.
The invisible architecture of debt: how code traps us 💻
Modern financial applications use machine learning algorithms to assess our credit risk in seconds. Open banking allows these apps to access our bank transactions and offer instant loans with dynamic rates. However, the friendly interface hides a design of dark patterns: push notifications that encourage spending, one-click processes to defer payments, and the absence of warnings about the real cost of compound interest. Technology optimizes lending, not financial education.
The wise person who pays for even their car gas in installments 🚗
It turns out that the modern young person not only finances the latest phone but also splits the Friday pizza and the morning coffee. They no longer ask if they can afford something, but rather in how many installments. The ultimate irony comes when they take out a quick loan to pay the installment of another loan. In the end, the only app that doesn't charge them interest is time, and they don't know how to use it.