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Credit cards are handled differently in different cultures

[Monday, January 24th, 2011]

Most consumers in the United States of America think that using credit cards everyday is a way of life. With over 73% of the American population owning a credit card, it is quite natural to think it is the norm, or the most natural thing in having. However, the credit card habits vary vastly across the globe, and its time we learnt a few lessons, by making observations on how to handle money responsibly.

Previously, the American population did not really give credit cards much importance, however it has become fashionable to use this now demanded plastic currency. In other countries such as China, credit cards were mostly used to buy certain electronic items such as a computer or a television set. In Australia most of the respondents in the study stated that they used the credit card to make utility bill payments.

The French and the British prefer using debit cards to credit cards to do their online shopping, but in the United States credit cards are the main tool used for online shopping. Germans citizens utilize other tools such as PayPal and online transfers.

Bahrain, Turkey, Israel and Germany are generally reluctant to use credit cards and prefer paying by cash. The perception of money varies largely between cultures and economic situations also play a huge role, as some countries don’t have access to credit.

There is a lesson to be learnt here. The less a culture relies on the need of credit or credit card, the smarter they get with handling finances.

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