Topic: Is the use of credit cards a strong indicator of a nation's economy? (Read 725 times)
January 07, 2019, 11:07:44 AM
No. I think all of the country has credit cards. This is an option not totally a compulsory to have a credit card. As we all.know that credit card is handy and has advantage than bringing fiat money to which it could make your wallet or pockey bulky if you will be bringing a lot of money. This is why it is a good practice to use credit cards in making a transaction but still it has disadvantage when an establishement does not support or accept credit card so have tp bring fiat money for it.
January 07, 2019, 10:43:20 AM
The advanced world is adopting cashless society and that is the messages of digitalization because no body like to go with cash any longer. Cashless society is the secondary form of financial transactions because with it comes all other digital currency and blockchain technology introduced cryptocurrency and as the digital bank.
Yes transactions in form of credit cards can be differ from the "cashless" society that's on your mind. I can't explain it well but taking example of debit cards and cryptocurrencies.You're not in debt when you use these unlike what OP asks for the use of credit cards as an indicator of the status of an economy.
They don't care on how much you spend, as long as you maintain your balance or pay your debt that's what matters to them. As for the improvement of the economy, its not enough to think that it can contribute big for it.
January 07, 2019, 12:48:19 AM
The advanced world is adopting cashless society and that is the messages of digitalization because no body like to go with cash any longer. Cashless society is the secondary form of financial transactions because with it comes all other digital currency and blockchain technology introduced cryptocurrency and as the digital bank.
Yes transactions in form of credit cards can be differ from the "cashless" society that's on your mind. I can't explain it well but taking example of debit cards and cryptocurrencies.You're not in debt when you use these unlike what OP asks for the use of credit cards as an indicator of the status of an economy.
January 06, 2019, 12:35:44 PM
The advanced world is adopting cashless society and that is the messages of digitalization because no body like to go with cash any longer. Cashless society is the secondary form of financial transactions because with it comes all other digital currency and blockchain technology introduced cryptocurrency and as the digital bank.
Yes transactions in form of credit cards can be differ from the "cashless" society that's on your mind. I can't explain it well but taking example of debit cards and cryptocurrencies.You're not in debt when you use these unlike what OP asks for the use of credit cards as an indicator of the status of an economy.
January 06, 2019, 12:19:15 PM
High usage of credit cards simply means an economy is highly indebted.
If anything goes wrong the US cannot honor its debt. The only way everyone is rolling their debt forward is because the FED keeps printing money.
Soon as China or US economy stops growing exponentially the system will crash.
Present day system requires exponential growth to stay afloat. Debt is 10x larger than the US economy, it's impossible to pay unless growth is composed year over year.
If anything goes wrong the US cannot honor its debt. The only way everyone is rolling their debt forward is because the FED keeps printing money.
Soon as China or US economy stops growing exponentially the system will crash.
Present day system requires exponential growth to stay afloat. Debt is 10x larger than the US economy, it's impossible to pay unless growth is composed year over year.
January 06, 2019, 11:23:19 AM
@Supercrypt
Governments don't print money, central banks do. And sorry but they do print money without anything backing up, it's called the fractional reserve. It's not like when gold was backing USD
@cizatext
Some countries don't like and refuse a digital form of money. I know in Germany only 10-15% of the transactions are done with a card
Governments don't print money, central banks do. And sorry but they do print money without anything backing up, it's called the fractional reserve. It's not like when gold was backing USD
@cizatext
Some countries don't like and refuse a digital form of money. I know in Germany only 10-15% of the transactions are done with a card
January 06, 2019, 10:58:34 AM
The advanced world is adopting cashless society and that is the messages of digitalization because no body like to go with cash any longer. Cashless society is the secondary form of financial transactions because with it comes all other digital currency and blockchain technology introduced cryptocurrency and as the digital bank.
January 06, 2019, 04:44:12 AM
The only indication of strong economy is all their country people have enough needs to live their life like jobs,foods and living places this can describe about economy but digital cash are just common everywhere even African countries have digital payments everywhere so it is not going to be considered for strong nation.
But it looks like having excess money to loan its citizens is also another way of measuring how strong one country's economy is. If we notice only developed countries are loaning to underdeveloped and developing countries. In this way, I assume OP is right with his perceptions even I am too disagreeing at first look with this discussion. A country will be having capability to issue loan only if it is having saturated resources.Indicator of one strong economy is a product or raw material, not money, in any form.
But, no country will be able to simply printing money without proper reserves because it will lead to bankrupted at one day are other, they cannot hide for long term. If they are issuing credit cards, in some sense they are having enough resources to cover everything. In that case, it must be an indicator of a nation's economy. January 05, 2019, 06:34:04 PM
I think it will be a little illustrative because credit card platform itself will certainly not issue a credit card for the poor. and of course the poor will not use it. in developed countries like United States there are many people who use credit cards. I think that already explains
A poor, if he has an income stream then he is eligible for a credit card as per my country's banking norms. I am not from a developed country and our economy is not a stronger one as far as I am aware of. In my opinion, most probably OP is misinterpreting the government's stand on electronic payments with credit card payments. Availability of credit card to common people cannot be an indicator for a nation's economy growth as it has nothing to do with the development of a nation. Any country may print as much as money they prefer to have and then they may loan it to each and everyone who opt for loan for the reason of getting back it with interest. Will that indicate their gold reserve levels ?
January 05, 2019, 05:29:25 PM
As some may have observed, highly developed countries like the US encourages their people to use credit cards for transactions. Cash transactions are still used but mostly they prefer people to have their credit cards. I want to know if having a credit card really necessary even if they can afford to pay in cash? Are credit cards reflective of your ability to pay?
More peoples transaction using credit card can be indicated the consumption in the country is stronger. But i dont think thats a strong indicator of nation's economic because its public debt. I think stronger compsumtion indicate a good economic growth
January 05, 2019, 04:24:57 PM
on the other hand I think that with a small crime rate it can be an indicator that the country is strong in terms of its economy. because many perpetrators of crime occur because of economic difficulties
Crime looks different from country to country, and the amounts concerned with crimes as well. I am sure that the crimes on corporate levels tell a whole different story if we were granted a look into the actual numbers.Nothing in the world comes even remotely close to the fraudulent activities happening within the corporate world, but since the mainstream media is so focused on small scale criminality, it overshadows everything unfortunately.
By your logic, it would mean that the wealthiest countries would come out worse than countries with a weaker economy. There are always two sides to a story, because what you see and read about isn't always what is right.
January 05, 2019, 02:50:30 PM
Credit cards, a piece of plastic, and without money they are useless. You can create millions of credit cards, but this is not an indicator of a good economy. Another thing is that if you have a bad credit history https://paydayloan.network/bad-credit-loans.html (which happens quite often), your plastic card is useless and you need cash. 
Indicator of one strong economy is a product or raw material, not money, in any form. When you have good product you can sell it for money, gold, bitcoins, with raw material is the same you can sell it or create something from it, but with money like you say people cant do much. Credit cards are small plastic cards issued by a third party service, allowing the holder to purchase goods or services on credit, in that way it makes us to live in debt, do we need to say anything else about the credit cards and about third party services? 
January 05, 2019, 04:20:53 AM
For US countries it seems safe to use a credit card to be able to see the condition of economic indicators and can be used to buy something you want, but in some other countries this credit card has a problem that makes some people afraid to use credit cards even though they offer to attract many people to use credit cards.
January 05, 2019, 12:01:56 AM
I think it will be a little illustrative because credit card platform itself will certainly not issue a credit card for the poor. and of course the poor will not use it. in developed countries like United States there are many people who use credit cards. I think that already explains
A poor, if he has an income stream then he is eligible for a credit card as per my country's banking norms. I am not from a developed country and our economy is not a stronger one as far as I am aware of. In my opinion, most probably OP is misinterpreting the government's stand on electronic payments with credit card payments. Availability of credit card to common people cannot be an indicator for a nation's economy growth as it has nothing to do with the development of a nation. Any country may print as much as money they prefer to have and then they may loan it to each and everyone who opt for loan for the reason of getting back it with interest. Will that indicate their gold reserve levels ?
January 02, 2019, 05:22:11 PM
I think it will be a little illustrative because credit card platform itself will certainly not issue a credit card for the poor. and of course the poor will not use it. in developed countries like United States there are many people who use credit cards. I think that already explains
A poor, if he has an income stream then he is eligible for a credit card as per my country's banking norms. I am not from a developed country and our economy is not a stronger one as far as I am aware of. In my opinion, most probably OP is misinterpreting the government's stand on electronic payments with credit card payments. Availability of credit card to common people cannot be an indicator for a nation's economy growth as it has nothing to do with the development of a nation. Any country may print as much as money they prefer to have and then they may loan it to each and everyone who opt for loan for the reason of getting back it with interest. Will that indicate their gold reserve levels ?
January 02, 2019, 10:42:38 AM
personally, i believe that if a country's economy is strong it means that people are earning sufficiently and does not need credit to survive.
January 02, 2019, 08:08:26 AM
I think that promoting credit cards can help many companies, such as loans, but I don't think that using credit cards is a powerful indicator of a country's economy.
January 02, 2019, 08:07:07 AM
I think it will be a little illustrative because credit card platform itself will certainly not issue a credit card for the poor. and of course the poor will not use it. in developed countries like United States there are many people who use credit cards. I think that already explains
A poor, if he has an income stream then he is eligible for a credit card as per my country's banking norms. I am not from a developed country and our economy is not a stronger one as far as I am aware of. In my opinion, most probably OP is misinterpreting the government's stand on electronic payments with credit card payments. Availability of credit card to common people cannot be an indicator for a nation's economy growth as it has nothing to do with the development of a nation. Any country may print as much as money they prefer to have and then they may loan it to each and everyone who opt for loan for the reason of getting back it with interest. Will that indicate their gold reserve levels ?
January 02, 2019, 08:03:41 AM
Credit cards are really not necessary to be used. It just make or give convenience to its users where they already do not need to bring physical money in order to buy goods and services in malls, restaurants and others. Credit cards do not also indicate that the nation's economy is strong. Nations economy can be determined by the number of people who have a large amount of money, assets and investment in certain location.
January 02, 2019, 07:02:48 AM
As some may have observed, highly developed countries like the US encourages their people to use credit cards for transactions. Cash transactions are still used but mostly they prefer people to have their credit cards. I want to know if having a credit card really necessary even if they can afford to pay in cash? Are credit cards reflective of your ability to pay?
More peoples transaction using credit card can be indicated the consumption in the country is stronger. But i dont think thats a strong indicator of nation's economic because its public debt. I think stronger compsumtion indicate a good economic growth
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