Barry Habib

We're $1.28 trillion right now, the numbers I saw, which was the January monthly calculations.

Number one.

Number two, BNPL had all kinds of default figures that were popping up in January.

What does that mean?

Well, it means that the Christmas and holiday purchases and post-holiday sales and you went and bought a big screen TV for another thousand dollars and everything, you know, at Best Buy and got it installed for your Super Bowl party and you put it on BNPL.

And then you only made half of the first payment and you triggered the hyper interest rate.

Look carefully at BNPL.

If you don't pay those two, three or four very specific payments on specific dates, the slam bam that you get on the interest rate is insane.

It's 30 percent or more in some cases.

And so part of it is, Pat, we can talk about student loans and manipulation of students and the cost of tuition and all rail against colleges that basically use the U.S.

government student loan program to raise tuition.

It's a monopoly.

We could talk about that.

But I'm going to stick with the consumer.

There's some common sense for the consumer and financial education that's needed, that Barry was alluding to, because no college manipulated you to spend $1,000 at Best Buy on a big-screen TV and put it on BNPL, right?

Nobody forced you to do that.

So there's got to be some common sense on the consumer.

And I'll say, oh, these people are being victimized, victimized.

You know, that's not always the case.

And, you know, the things that have happened to car loans are correct.