Scott Galloway takes on “buy now, pay later” schemes (like Klarna) that have taken over ecommerce in recent years.

These services have proliferated partly by capitalising on young people’s fear of debt and presenting themselves as being somehow different:

“Their attraction to BNPL coincides with an aversion to banks and the credit they offer. This is a generation that came of age just before or in the wake of the Great Recession, a global economic crisis precipitated by… way too much credit. Young people love BNPL because, according to the former director of Afterpay, the vast majority of them ‘don’t want to be on credit.’”

But whichever way you cut it, these services are debt – and they’re driving young people to spend money they don’t have and to get into a cycle of incurring punitive late fees.