Seriously, this whole concept of owning nothing and making payments on everything you “own” in perpetuity is nuts. I’ll keep my mortgage and my paid-for car thank you. Same goes for my electronics. I’m not a Rent-a-Center customer and don’t intend to be a customer for this either.
It's interesting that you said mortgage and paid-for car. Let's address them in order:
Mortgage. The way that is setup is that you basically pay for your house forever. Most people get the 30 year option which is what the banks push for because of all of the front-loaded interest. The average homebuyer moves about every 13 years. And while they do get their equity back out in the sense that the value of the home increases, the skyrocketing prices of homes ensures that hardly anyone in the future will be able to pay their house off. I'm one of the fortunate ones who bought their house a few years before the pandemic, and then refinanced to a 15 year at 1.75% during the pandemic. I doubt my kids will ever be able to afford a house someday unless I invest wisely.
Cars. Have you seen the price of even used cars lately? I saw a used two year old Honda Civic going for $38,000. What Zoomer coming out of college is going to be able to afford that? At least a Civid should be able to outlast even a long loan, but so many people are terrible at taking care of their cars and just let them break and get a new one instead of properly maintaining them.
Electronics. These have a limited lifespan. Phone batteries seem to crap the bed after 4-5 years (my wife knows this from experience with old iPhones and while you can take them to the store to fix them most people don't bother), but a lot of people upgrade every 2-3 years on plans where they're already paying monthly anyway. When it comes to computers, that can vary a lot based on your use-case. But with the prices of Macs getting up there and many companies now saying you have to bring your own device, many people can't afford to go out and buy a mid-spec $3000 MacBook Pro for their new graphic design job (or what have you).
So the whole system is moving towards this model. You were lucky because you got in early like I did but many younger people are coming out into this world and they can't afford crap and they need to afford it. So companies are moving towards this model where they own us top to bottom. Everything is going up in price. I was just reading today about how mobile home parks are being bought up across the country by big business and they're jacking up the rentals for plots by 50%. And they get away with it because the people in these parks can't afford the $5000 it costs to move their home to a cheaper plot elsewhere, which may just get bought out next.
Welcome to the corporatocracy. Sponsored by every major American company. Every economic downturn in the cycle going back to the 1920s they get stronger, buying up everything for pennies on the dollar, and the rest of us struggle more. I grew up lower middle class. I was upper middle class until the pandemic and inflation spikes. Now I'm pretty much squarely in the middle class. The previous lower middle class is essentially wiped out at this point.
So yeah, this is all just to say that there are multiple wide-ranging factors playing into this current situation, and this has been a long time coming and is accelerating out of control at the moment. The entire system has been rigged to get to this point, and this is where capitalism falls on it's face and fails us. Problem is, I wish I knew what to replace it with that is better.