4 ms·

Growing up in the EU, living in North America now, it's mind blowing to me how much credit these companies are making available to me. Not that I ever would out

Growing up in the EU, living in North America now, it's mind blowing to me how much credit these companies are making available to me. Not that I ever would outside of an actual emergency but I can see how it's tempting to someone who didn't grow up in a financial risk averse society.

watwut 8mo ago
> grow up in a financial risk averse society. It is not risk taking, it is a system that not just normalized the debt, but punishes people for not taking it. When you are recommended to use credit card, so you can function on debt, so that you can get better mortgage later on, then the thing in play is not just "risk aversion".
- a_victorp 8mo ago
  Yeah, that always blew my mind as a non American.
carlosjobim 8mo ago
It's amazing. Meanwhile your fellow Europeans wouldn't trust to lend you their power drill for a weekend, even if you've known each other for 30 years. My European business banks have never offered any kind of line of credit. Of course they probably would if I needed, and went there to grovel and prostrate myself. In contrast, my American business bank just sends unprompted e-mails sometimes asking if I would like to borrow a bunch of money. American trust is based on rationality and intuition, while European trust is based on rules and authority. That's why business can flourish much more in the USA.
- beAbU 8mo ago
  Nah, more like the money is lent out because it's so profitable to exploit americans addicted to debt.
- beAbU 8mo ago
  > That's why business can flourish much more in the USA. And look where that's gotten you.
  - carlosjobim 8mo ago
    Indeed!
- fransje26 8mo ago
  > In contrast, my American business bank just sends unprompted e-mails sometimes asking if I would like to borrow a bunch of money. > American trust is based on rationality and intuition Just remind us where the 2008 subprime crisis started again?
Aerroon 8mo ago
The availability of credit is a positive imo. Sure, it's possible to trap yourself in debt, but being able to pull that lever in an emergency is valuable. Imo US is better on this front than Europe.

watwut 8mo ago

> grow up in a financial risk averse society. It is not risk taking, it is a system that not just normalized the debt, but punishes people for not taking it. When you are recommended to use credit card, so you can function on debt, so that you can get better mortgage later on, then the thing in play is not just "risk aversion".

a_victorp 8mo ago
Yeah, that always blew my mind as a non American.

carlosjobim 8mo ago

It's amazing. Meanwhile your fellow Europeans wouldn't trust to lend you their power drill for a weekend, even if you've known each other for 30 years. My European business banks have never offered any kind of line of credit. Of course they probably would if I needed, and went there to grovel and prostrate myself. In contrast, my American business bank just sends unprompted e-mails sometimes asking if I would like to borrow a bunch of money. American trust is based on rationality and intuition, while European trust is based on rules and authority. That's why business can flourish much more in the USA.

beAbU 8mo ago
Nah, more like the money is lent out because it's so profitable to exploit americans addicted to debt.
beAbU 8mo ago
> That's why business can flourish much more in the USA. And look where that's gotten you.
- carlosjobim 8mo ago
  Indeed!
fransje26 8mo ago
> In contrast, my American business bank just sends unprompted e-mails sometimes asking if I would like to borrow a bunch of money. > American trust is based on rationality and intuition Just remind us where the 2008 subprime crisis started again?

Aerroon 8mo ago

The availability of credit is a positive imo. Sure, it's possible to trap yourself in debt, but being able to pull that lever in an emergency is valuable. Imo US is better on this front than Europe.