Is the use of credit cards a strong indicator of a nation's economy? - page 2.

playboy654

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Quote from: cahbagus555 on January 01, 2019, 07:53:02 PM

Quote from: Pumapipa on November 13, 2018, 04:50:41 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

If anyone wants our country to be more economically stronger than the power is not in our hands it is all about the government and banks but we can more contribute for the development of the society that is the only thing you can do.

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Quote from: avikz on November 14, 2018, 05:21:46 PM

Your statement will make sense if you replace the word "credit card" with "plastic card", at least me! Developed countries encourage their citizens to use plastic card more often than cash. Sweden is the first country in the world who had achieved such milestone. It is an effective measure to curb black money to be mixed within the economy.

On the other hand, credit card is a banking trap. In some third world countries, credit card companies take interest as high as 48% per annum. Credit card doesn't signify the development of a country, it signifies the control of banking cartel over the country's economy.

Looking at the positive side of it, though, it is actually a more secure way of transacting. It prevents you from keeping or holding so much cash on hand or at home. It is a matter of convenience.

setialovers

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Quote from: Pumapipa on November 13, 2018, 04:50:41 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?

Government like in US want theirs people using credit card because they can track our transaction more easier. Beside about taxes, its about digitalizing our money and i think its good for national economic.

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Quote from: Pumapipa on November 13, 2018, 04:50:41 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

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Quote from: Pumapipa on November 13, 2018, 04:50:41 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?

What you exactly mean ? Government encourages credit card based transaction or just electronic mode of transaction ? Because, I doubt that you are not having clear understanding between these two types of mode of transactions. As far as I have observed that no government will emphasize their citizen to go for loans but now a days, many governments are slowing enforcing citizens to go for electronic mode of transaction due to the reason of "easy tracking".

Cashless society is the stage on which governments are believing to have all the control of money-flow. But, I believe no government will be successful on their actual target as privacy is the basic human right and no government may not interfere into that.

Using a credit card cannot be an indicator as it is just another type of loan. A nation's economy has nothing to do with it.

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Quote from: Semosuchi Tesongrato on December 31, 2018, 01:46:46 PM

The use of a credit card and the abandonment of cash only indicate the level of brainwashing by the government: with the credit card, not only is all your expenses recorded and tracked, but also your position. Good luck!

But if it happens to you to get robbed, robbers can`t do much with your credit card, they need password. so credit card can protect your asset in some way. Capitalism is all about spending money, possibility for more money to be spend make one economy better than other, will you spend that money in form of cash, credit card or anything else isn`t so important.
And if someone wants to track you done he can do that in million ways now, you have a cell phone with gps in it, so what to talk more about tracking down, we are all online, we are not even hiding from anyone.

darewaller

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Thankfully I live in a country where the bank has an amazing app and since one bank does all banks rival for the best app there is on the market in order to be not left behind. Thanks to these amazing apps it shows how much you spend and if you want to pay right away or would you prefer 3/6/9 months installments and all that.

Our banking system is really far ahead of many in the world for customers instead of just banks and that is great.

However, just because of these doesn't mean the economy is any good, in fact we are much better in this system exactly because our economy sucks, since our economy sucks banks can't really make too much money and they need to get as much market share as they can otherwise they are not really making too much money from this bad economy to begin with.

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Quote from: Pumapipa on November 13, 2018, 04:50:41 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?

Credit card companies do many things to encourage use of their cards (miles, points, ect).
I personally prefer to use a card to pay for most things, it is an excellent way to see how you really spend money.

What is reflective of our ability to pay is how much debt we are in, and yes that can be a strong indicator of a nation's economy.

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Quote from: HappyP on December 31, 2018, 09:57:31 AM

I guess it does indicate where a country is in terms of technological adoption, as credit cards being popular. With more cash dominated places, you generally tend to see adoption of new technologies to a lesser degree.

It's more about cultural attitudes than technology.

Japan is an advanced economy in anyone's book yet it's still overwhelmingly cash based.

Credit cards have piddling penetration in Germany. There aren't a great deal in France and French banks are extremely reluctant to allow their customers to get into debt. In the UK the banks are delighted to let everyone hang themselves so everyone has them maxed to the hilt.

Semosuchi Tesongrato

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The use of a credit card and the abandonment of cash only indicate the level of brainwashing by the government: with the credit card, not only is all your expenses recorded and tracked, but also your position. Good luck!

semobo

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The more usage of credit card means how poor the ciitizen are,they can't even cover their monthly expenses with what they are earning they are looking for cssh from someone is not the good economy.

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I guess it does indicate where a country is in terms of technological adoption, as credit cards being popular. With more cash dominated places, you generally tend to see adoption of new technologies to a lesser degree.

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Quote from: Pumapipa on November 13, 2018, 04:50:41 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?

At least it means that some technogies are integrated in country and people don't look surprised when you ask them if you can pay by card. On another hand it means nothing dramatic, some prefer cash and some prefer their cards, depends on person too, people who have online banking and usually make transactions, prefer this way. Old people and others who get paid cash, usually self-employed, prefer to use cash and don't load cards or own it. Btw I would say, if there are many users with visa gold cards, then yeah, it means good economy Cheesy

Indrawan77

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Credit cant be the measurement of a country economic, moat of the people consider credit card as debt, so the more people using it then the more debt it accumulated, but i think that ia not the way to see nation economic, you can see the nation economic with how big is the unemployment rate and how many homeless people, using credit card or using fiat doesn't reflect the country's economic but its more on the habit and the easiness for people to do transaction

zhanyiguai261315

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Credit cards are similar to the nature of microfinance loans. The future income is used for current consumption, but there is an interest-free period, which can greatly meet the needs of consumers and the rapid development of the national economy.
The country's economic indicators need GDP to react! Credit cards can't respond to the economy!

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Quote from: audaciousbeing on November 26, 2018, 12:58:10 AM

Credit cards are responsible for people in debts today and the capitalists have found a way for force their ways into the way of life of people that you are forced to use it even though you don't need it. I have seen people forced to use it because they want to increase their credit rating in other to be eligible for things that they actually need.

On the effect on the economy, other than affording people the opportunity to have access to what they wouldn't have which ensures they live with basic comfort, the disadvantages also abound and if I am to choose in waiting to have cash or use credit, I will go for the former.

Basic truth! Certainly those who have access to credit cards in developed countries today, even when they could not afford something, tend to just have it in their mindset that credit card will be their solution and they keep piling up debt over debt until they realize their life is already totally dependent on a huge stack of debt and trying to find a way to relieve themselves off it which to me is more like being a slave to the bank for a long time.

Simply, give people the chance to take something free in the short term and they will simply take more than you ask them. It is human nature when it comes to showing off, living a life you cannot handle in reality if you have no access to credit card, and all that puts your life into a huge pressure normally, which to me is not a strong indicator to economy but a jeopardy to human themselves.

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Credit card use is a good indicator of a nations debt problem and also a excellent tool for the government to monitor people's spending habits.

Governments cannot stimulate economies with fiat transactions, because Fiat transactions are expensive and slow, they need debt to stimulate their economy. This is why more and more governments are supporting a cashless financial system. Roll Eyes

Debt will kill nations economies in the future. Tongue

Flor1982

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Quote from: Pumapipa on November 13, 2018, 04:50:41 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?

Its not necessary to have a credit but its our choice to have it for the reasons of convenience and safety as money can be easily to be stolen in the streets but not the credit card. Although having a credit card will provide +1 for your trust reputation but that if you want to live in debt in which many famous rich personalities that chose to not have a credit card like Bill Gates and Warren Buffett.

audaciousbeing

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Credit cards are responsible for people in debts today and the capitalists have found a way for force their ways into the way of life of people that you are forced to use it even though you don't need it. I have seen people forced to use it because they want to increase their credit rating in other to be eligible for things that they actually need.

On the effect on the economy, other than affording people the opportunity to have access to what they wouldn't have which ensures they live with basic comfort, the disadvantages also abound and if I am to choose in waiting to have cash or use credit, I will go for the former.

chairmanMao

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This is wrong. Once the use of credit cards exceeds market expectations, the risk of the market will become even greater. Once the economy fluctuates, many users of the card will default, so bank funds will enter a nausea cycle. Usually this is a financial crisis. The best economy from the perspective of people's savings rate. The more money people save, the faster the money flows, and the more active the market.

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