Petal Credit Card

A New York based credit start-up just raised $300 million in debt to fund their credit card for young people without a credit history.

What are your thoughts on pushing the younger generations into debt? :thinking: I personally don’t think there is enough education on this yet and a world of pain is surely to follow in the years to come.

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I think if credit is used wisely then it’s not a bad thing, it allows you to open more opportunity without taking up the cash you have in the bank.

On the flipside the attraction to live an instagram lifestyle with credit when young is all too accessible these days!

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In my view this speaks to a deep seated philosophical debate, often political too: should we rely on our institutions and companies to protect us from harm OR should we ensure we are sufficiently educated so as to avoid any harm to ourselves

The second option usually seems like the right one to most people on an intuitive level, but fails to account for the reality of millions of people who lack the basic financial education and decision making ability to protect themselves

Unfortunate reality - I’m not convinced we’ll see this debate resolved anytime soon…

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Unfortunately many learn about debt the hard way… and I think it’ll be like this for the foreseeable future!

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