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Avery M@averym.bsky.social |
NYT published a clueless article on rotating savings and credit association (ROSCAs), describing them as a primarily South Korean phenomenon and wondering whether they might be "possible" in the US. www.nytimes.com/2024/06/18/b...
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Avery M
@averym.bsky.social
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ROSCAs have existed for centuries in Africa, Southeast Asia and Japan. In fact they came to America over a decade ago, under the term "susu". Because US banks are unfamiliar with ROSCAs they have shuttered associated bank accounts, as reported by... NYT. 😐 www.nytimes.com/2023/11/05/b...
1 replies 1 reposts 1 likes