Do credit cards & debt exist in countries other than the US?

Question

Like does debt exist in the UK or any other foreign countries? If so, what happens if it's not paid off?

Answer 1

Discover Financial Services owns a credit card issuing and other businesses in the US and a credit card issuing business in the U.K. and credit card acceptance agreements with JCB (a Japanese card firm) and China UnionPay (a Chinese card firm). Just to name one

Answer 2

Yes. Credit cards and debt 9including loans to households from banks and laoning instititutions) are widely prevalent in countries like the UK as also in poor countries like India. The same consequences are associated with credit card dues and debts not paid off: fall in credit standing, litigation, bankrutcy, etc. All this is a very common over much of the World.

Answer 3

Yes about the same as here in most of the countries.

The other countries have reporting agencies too like our credit agencies.

Answer 4

yes - even countries that say interest is illegal (muslims) have a sort of debt system

In afghanistan a guy had to sign over his daughter to be the wife of the lenders son.

also this is whre the old jew and money thing comes from - christians also usedto think handling money and interest were sinful - thus the only people that would take these kind of jobs wre jews - thus the jews and money stereotypes

Answer 5

Of course they do. Dept is not unique to the US. Defaulting on credit puts your name on a register for a few years. Not recommended.

Answer 6

im sure they exist and im sure the same penalties apply as here

Answer 7

We have them in canada same as you