I don’t really remember how I first heard about the digital robot that would save money for me automatically, but the idea sounded so perfect I signed up immediately. At the time, about five years ago, it was a text message-based service that would watch how I spent money. When the time seemed right, a small sum of money would be spirited away and stashed in a savings account. This simple service eventually turned into an app, and over the years, more apps like it started to appear. I downloaded as many as I could. I got greedy about saving money effortlessly.
Tagged With personal finance
In a post-capitalistic world that seems very specifically and violently designed to rip off the poor for the benefit of the rich, spending money is complicated. But at least, until recently, you could live without fear that some multibillion-dollar Silicon Valley giant would buy up your banking data in order to serve you more effective ads.
Based on new details about an apparent arrangement between Google and Mastercard, those days are over.
China has a debt problem. More specifically, Chinese citizens are suddenly drowning in debt after the country opened the door to personal lending in 2014. Now people are borrowing money so recklessly that at least one woman literally rearranged her face in order to avoid paying back her ¥CN25 million ($4.7 million) debt. It almost worked, too.