Assuming I know for sure that I'll have the money, is PayPal's "pay in 4" okay to use? It says there's no interest and it just spreads out the payment, but I'm worried there's something I'm missing that will fuck me over.
No, it's not ok to use. But the reasons are complicated, which is why we wrote this about Pay In 4 and similar buy-now-pay-later apps:
Buy Now Pay Later Apps: That Old Predatory Lending by a Crappy New Name
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Vulnerable countries to pay record $22bn this year, mostly relating to loans issued under Xi Jinping’s belt and road initiative
The most vulnerable nations on Earth are facing a “tidal wave” of debt repayments as a Chinese lending boom starts to be called in, a new report has warned.
The analysis, published on Tuesday by Australian foreign policy thinktank the Lowy Institute, said that in 2025 the poorest 75 countries were on the hook for record high debt repayments US$22bn to China. The 75 nations’ debt formed the bulk of the total $35bn calculated by Lowy for 2025.
“Now, and for the rest of this decade, China will be more debt collector than banker to the developing world,” the report said.
The pressure to repay was putting strain on local funding for health and education as well as climate change mitigation.
“China’s lending has collapsed exactly when it is needed most, instead creating large net financial outflows when countries are already under intense economic pressure,” it said.
The loans were largely issued under President Xi Jinping’s signature belt and road initiative (BRI), a state-backed global infrastructure investment programme which has underwritten national projects from schools, bridges and hospitals to major roads and shipping and air ports.
The lending spree turned China into the largest supplier of bilateral loans, peaking with a total of more than $50bn in 2016 – more than all western creditors combined.
Reality: Burns through benefits for worthless degree
Outcome: No benefits left for legitimate education
Single Mothers:
Targeting: “Study from home! Flexible schedules!”
Reality: Online programs with no real support
Outcome: Debt + childcare + no career advancement
Workers in Declining Industries:
Targeting: “Retrain for the new economy!”
Reality: Programs for jobs that don’t exist
Outcome: Old job gone, new skills worthless, massive debt
THE SCHOOL-TO-DEBT PIPELINE:
🏗️ HOW IT WORKS:
Economic desperation drives people to seek education
Predatory schools target the most vulnerable
Government aid flows to worst schools
Students accumulate debt faster than education
Worthless credentials leave them worse off
Debt follows them forever thanks to bankruptcy protection
Cycle repeats with next generation
THE ACCREDITATION SCAM:
🏛️ REAL ACCREDITATION:
Regional accreditors: Recognized by employers/other schools
Standards: Rigorous academic and financial oversight
Transfers: Credits accepted at legitimate institutions
🎪 FAKE ACCREDITATION:
National accreditors: Often industry-captured
Standards: Minimal oversight, profit-focused
Transfers: Credits rejected by legitimate schools
Purpose: Qualify for federal financial aid
BOTTOM LINE:
School choice isn’t really choice when the system is designed to funnel different classes into different debt traps. Rich kids get elite education debt-free, everyone else gets varying degrees of exploitation.
Next up: The legal impossibility of escape from student debt 🔒
Your zip code determines which debt trap you’ll fall into, but every trap leads to the same place: permanent financial bondage. ⛓️
The stark brutality of chattel slavery is absent in today's world, but the systemic inequities and hidden forms of economic control persist, albeit in different forms. By comparing the conditions of historic slaves with modern working-class people it becomes apparent that economic exploitation and wealth disparity need to be at the forefront of today's political discourse.
Continuities:
Labor exploitation: Both systems extract disproportionate value from a specific group's labor for the benefit of others. Slaves were forced to work without compensation, while many modern workers face low wages, precarious employment, and limited bargaining power, leaving them susceptible to exploitation.
Wealth disparity: Both systems exacerbate wealth inequality. Slaves had no ownership of their labor or its fruits, while the wealth generated by modern workers often concentrates at the top of the economic pyramid, creating a widening gap between rich and poor.
Limited mobility: Both systems restrict upward mobility for the exploited group. Slaves were legally bound to their owners, while modern systemic barriers like discriminatory hiring practices, inadequate education, and debt-based control can confine individuals to lower economic strata.
Psychological impact: Both systems can inflict psychological harm. Slaves endured constant dehumanization and fear of violence, while modern workers can face chronic stress, anxiety, and powerlessness due to precarious employment and economic insecurity.
Transformations:
Formal freedom: Modern workers have legal freedoms and autonomy denied to slaves. They can choose their employers, negotiate wages, and participate in civic life.
Social mobility channels: While limited, some avenues for upward mobility exist in modern society through education, skills training, and entrepreneurial ventures, which were largely unavailable to slaves.
Social safety nets: Modern societies typically have some form of social safety net, albeit often inadequate, providing limited protections like unemployment benefits or healthcare access, which were absent for slaves.
Transformation of control: Control in modern systems is often more subtle and diffuse, operating through debt, lack of ownership, and market forces rather than overt coercion.
Hidden "Economic Slavery":
The concept of "economic slavery" suggests that modern systems can still perpetuate forms of exploitation similar to historical slavery, albeit less visibly. This can manifest in:
Debt traps: Predatory lending practices and high-interest rates can trap individuals in cycles of debt, effectively controlling their labor and choices.
Wage theft: Employers who deny overtime pay, minimum wage, or other earned wages essentially steal from their workers.
Exploitative labor practices: In some industries, migrant workers or marginalized groups face unsafe working conditions, low wages, and limited legal protections, resembling forms of forced labor.
Limited ownership: Lack of access to affordable housing, land, or productive assets limits economic agency and perpetuates dependence on wage labor.
Unveiling and Addressing Systemic Inequities:
Acknowledging the continuities and transformations is crucial for addressing the enduring legacies of economic exploitation. We need to:
Strengthen workers' rights: Promote fair wages, secure employment, and protections against exploitation.
Reduce wealth inequality: Implement progressive taxation, address wage gaps, and promote wealth-building opportunities for marginalized groups.
Increase social mobility: Invest in education, training, and infrastructure to provide equal opportunity for upward mobility.
Challenge systemic biases: Address discriminatory practices in hiring, lending, and access to resources.
Support worker movements: Encourage worker organization and collective bargaining to empower workers and advocate for their rights.
By recognizing the hidden forms of economic control and tackling their root causes, we can work towards a more equitable future where everyone has the opportunity to benefit from their labor and participate fully in society.
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As the Burmese military junta wilts under growing global pressure, collapsing economy and mounting insurgencies, it will draw closer to China, which strongly backs the junta. The military regime has already cleared 15 mega infrastructure projects funded by China since the February 2021 coup, drawing Myanmar into a substantial Chinese debt trap. The Burmese generals are totally dependent on Chinese support to protect their back at the UN and in other global forums. With the Chinese entrenching themselves firmly in Myanmar’s economy and defence sectors, Indian worries over the security implications for its sensitive Northeast will grow.
Subir Bhaumik, ‘Myanmar issue bad news for act East thrust’, Indian Express
Thousands of drivers work up to 20 hours a day, sometimes for pennies. When they get sick or refuse to keep working, trucking companies fire them and take their trucks – along with thousands they have paid toward buying them
