this post was submitted on 21 Mar 2024
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Privacy
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I know this is a privacy community, but I'm not sure I'm onboard with the outrage on this particular one. If you rent/lease or go on a payment plan for the device you're using, then it isn't yours, it belongs to the entity you borrowed it from.
If I don't make car payments, the bank can repossess my ride. If I dont pay my mortgage or rent, I can be evicted by my landlord or bank.
If I don't make my phone payment, the company should have recourse to prevent me from using their device.
This could open up the ability for bad actors to disable my device, and I agree that's a horrible prospect. But the idea of a legitimate creditor using this feature to reclaim their property is not something I find shocking.
Oh nono no, the world is much worse than that:
If you make all your car payments on time except one, the bank can still repossess your car.
If you pay your mortgage or rent on time every time except once, the bank can initiate the process of eviction.
Remember: the power triangle points down
Yes? That's why loans with collateral charge a lower interest rate than unsecured loans.
My point being that if said bank screws up whilst dealing with your loan, and you make a fuss to hold them accountable, the worse thing that happens to them is that they issue an apology.