[onlooker]

http://www.shanghaidaily.com/article/ar ... ?id=268319

Interesting article about Chinese using more credit cards. How predictable. They have so thoroughly adopted "American lifestyle". Cars, Homes etc. Now what stands out in this article is how they are now using credit cards for everyday purchases. They are now caught on the treadmill of debt just like rats.

[americandream]

http://www.shanghaidaily.com/article/article_xinhua.aspx?id=268319

Interesting article about Chinese using more credit cards. How predictable. They have so thoroughly adopted "American lifestyle". Cars, Homes etc. Now what stands out in this article is how they are now using credit cards for everyday purchases. They are now caught on the treadmill of debt just like rats.

Inevitable. The American root culture (capitalism) is English based, the home of the system. As countries merge into the global system, the root culture takes hold, be it in the English form or the American variant.

Part of the conflict with Islam is a conflict of systems. Islam however, being feudal, is doomed to lose.

[GHung]

I was never comfortable using credit cards, no matter how 'credit worthy' I was, and especially when I could use cash. It always seemed too complex, too many intermediaries; purchase and payment were too far removed. Of course, some will point out the advantages and protections offered by credit cards, but they always seemed like more of a lure than a benefit, all things considered.

It could be that I'm not the consumate consumer; don't buy a lot of stuff. If a vendor requires a credit card, I always say 'thanks, but I'll find what I need somewhere else. They generally back off, especially when I tell them I'm paying in full; what difference does it make how? I still get several offers a month for a new 'pre-approved' card. They make good fire starters.

[onlooker]

wow, GH you certainly are the exception to the rule. Us Americans are avid credit users and have been I think for awhile. I myself have several cards and a pretty hefty balance altogether. Just content to pay minimum payments so you could say got caught in their web.

[GHung]

onlooker: "wow, GH you certainly are the exception to the rule."

I don't want to give the impression that I've never used credit cards. When I travelled for work, it was a necessity, and when we built the house we used the big home store cards for the 12-24 month same as cash thing; made big purchases and tracking costs easier (and my wife insisted). Nothing wrong with a free loan if you know you have the funds to pay it off. Set rules and stick to them.

We keep one card now for emergencies and travel (rare these days). They keep wanting to up our limit; hoping we'll spend more I guess. Funny that my credit score has dropped, as we have no debt. Boo hoo....

Not sure what the rest of society is thinking; maybe some are hoping for a credit jubilee, which I'm sure we'll all end up paying for somehow. Maybe folks feel more secure with a wallet full of plastic. As I said, borrowing/stealing from the future never seemed quite right to me. Seems to alter the true value of things. Meanwhile, the costs of our credit-based economy are built into everything, even if you pay cash. Maybe that's why I prefer used/salvaged/bartered stuff; cash on the barrelhead. I'm less likely to be paying for someone else's extravagent lifestyle, consumption, and poor choices. Starve the beast......

[onlooker]

Wish everyone at least in US had the foresight and prudence you do GH, however Americans including myself have been lured by credit. In my case I started using credit some 20 years ago, I am now 52. So initially I had the intention of paying off all my outstanding balance but as it is I found myself constantly bombarded with more credit I did succumb. I would say probably because of lack of patience to save. Again many in this country are in the same boat but at this time I have no concern as I do believe that the whole structure on this planet is going to be shaken to it's very core and besides we may find bigger things to worry about with prospects for habitability on this planet in the near future. So all in all I am not happy about my situation but I do not lose sleep over it. Money at this point does not concern me.

[ohanian]

I got my visa card in 1990.

I asked for a $2000 credit limit but the bank only gave me a credit card with $1000 credit limit.

Today I am still using the same credit card (not the same physical card but the same credit card account)

And I have NEVER increased my credit limit, so I can only buy items less than $1000 unless I first put more money on the card. In a sense I have basically a debit card.

[onlooker]

Great restraint wish I could have had some of that !

[dinopello]

I got my visa card in 1990.

I asked for a $2000 credit limit but the bank only gave me a credit card with $1000 credit limit.

Today I am still using the same credit card (not the same physical card but the same credit card account)

And I have NEVER increased my credit limit, so I can only buy items less than $1000 unless I first put more money on the card. In a sense I have basically a debit card.

That's exactly my situation (same year too). I never asked to have the limit raise. I think it started at $500.

More credit extending in China can cause a lot of "growth" and they'll buy a lot of stuff that will have to be made somewhere (probably by robot). Eventually, lots of Chinese will owe "money" to someone, but they'll have a lot of stuff and there'll be less oil left.