Chinese Credit Cards

China charges into credit cards
Imagine there was a law that said if you missed two credit card payments in a row, you had to pay the full balance immediately, with heavy penalties. And if you didn't, your bank would take out an ad in your local newspaper, calling you a deadbeat. Or worse, thugs in suits might show up at your office, haul you down to the bank and keep you there for hours until you signed a promise to pay.

Welcome to the world of plastic -- Chinese style.

China Charges Into Credit Cards (LA Times)

Wow, but it's not as bad as things used to be in Western civilization. In ancient times, you could be sold into slavery to pay debts. Charles Dickens was born into a moderately wealthy family but his father went into debt and was sent to debtors' prison. Several debtors' prisons existed in the United States. During the Great Depression the bank could give you 30 days' notice to pay your mortgage in full or else you lost your home.

21st century Americans have things comparatively easy when it comes to debt. We should appreciate how much more difficult it was for our ancestors and why a healthy suspicion of debt has historically been wise.