On: Russian banks rush to switch to Chinese card system

[perryizgr8]

I look at that as an advantage. Credit cards just keep a large portion of the population in unnecessary debt. Debit cards are much more logical in almost all situations.

In fact I use my credit card like a 1 month delayed debit card. The line of credit is useless.

[powerapple → perryizgr8]

For people need money, credit card is a thing can be helpful at a time and lock them in debt for long term. Most people pay interests on credit card are those you don't want them to be on credit card, poor people.

[jazzyjackson → perryizgr8]

> large portion of the population in unnecessary debt.

thereby increasing the money supply and velocity of money. Waiting until you have money to spend it slows everything down.

[perryizgr8 → jazzyjackson]

> Waiting until you have money to spend it slows everything down.

Which is probably a good idea for most people and most situations.