I have only a debit card with my (nice) bank in Britain. In the US, I had to INSIST MANY TIMES to repay ENTIRELY at the end of the month whatever credit card bills I incurred. The system was GEARED to only let me pay minimum. Screw you, Citibank.
In France, "credit" cards basically work as debit cards you repay at the end of the month (giving you a couple of weeks' grace, in fact) unless you have specifically arranged with your bank to pay on tick. Also, "Usury" rates are illegal: currently this cannot exceed 21% for small consumer loans (it falls to around 18% above €3,000 and under 11% when you borrow more than €6,000). IOW, we are all descended from French peasants WHO DO NOT BELIEVE IN DEBT.
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Date: 2011-11-07 06:27 pm (UTC)In France, "credit" cards basically work as debit cards you repay at the end of the month (giving you a couple of weeks' grace, in fact) unless you have specifically arranged with your bank to pay on tick. Also, "Usury" rates are illegal: currently this cannot exceed 21% for small consumer loans (it falls to around 18% above €3,000 and under 11% when you borrow more than €6,000). IOW, we are all descended from French peasants WHO DO NOT BELIEVE IN DEBT.
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Date: 2011-11-07 06:30 pm (UTC)no subject
Date: 2011-11-07 06:31 pm (UTC)