Is the use of credit cards a strong indicator of a nation's economy?

[setialovers]

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.

[MainIbem]

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.

[playboy654]

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.

[deppil]

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

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

[mariah.sadio]

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.

[el kaka22]

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 ?

[maligu]

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.

[matteoricci]

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.

[St4yInTh3D4rk]

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 ?

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.

[wahyu wida]

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 ?

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.

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

[$anounimus$]

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.

[Barbut]

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?

[BitHodler]

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.

[crzy]

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

Indeed, in my place they don’t encourage everyone to use credit card because its too risky most especially if you can’t afford to spend the money you don’t have. Most of us here also not qualified for that but it doesn’t mean that it can affect much our economy, it only means that we are earning low and we should only live within our means.

[Sum24]

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 ?

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.

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

Yes as when people get no good to the family they demand for and then when there will be no source to earn so surely people commit to get in crime. But after the digital warming system and intentional of bitcoin the rate of crime activities has reduced as now there are so many source to earn better and spend easily.

[Supercrypt]

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.

[cizatext]

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.

[LeGaulois]

@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

[jjjfff]

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.

[boyptc]

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.