Only 15% of Germans use credit or debit cards?

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beats me
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Only 15% of Germans use credit or debit cards?

Post by beats me » Wed Sep 24, 2014 1:46 pm

8O

Read that figure in relationship to a recent German Apple store armed robbery, lots of cash to be had.

I’m like the polar opposite and only pull out cash to get a haircut (cash only place). I think going to an ATM is an archaic relic and you can even deposit checks with your phone camera now.

Angstrom
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Re: Only 15% of Germans use credit or debit cards?

Post by Angstrom » Wed Sep 24, 2014 3:10 pm

Lemme get out my little book of German stereotypes>

Germans are pragmatic and don't like debt. For instance they prefer to rent rather than have a mortgage. Where Americans have the famous attitude of "temporarily embarrassed millionaires" and will borrow & spend accordingly, Germans are much more careful and wary about the future and prefer savings and earnings to lendings and owings. Consequently the sub-prime loan / credit crunch thing didn't hit them anywhere near as hard and their economy was stable enough for them to purchase several Fucked countries out of it.

< closes little book of German stereotypes.

I think that stereotype is slowly changing, credit card usage is up from 5% in 2005 to 15% today, but there it is : Germans Are Sensible People.

8O :?

8O
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Re: Only 15% of Germans use credit or debit cards?

Post by 8O » Wed Sep 24, 2014 3:21 pm

Angstrom wrote:I think that stereotype is slowly changing, credit card usage is up from 5% in 2005 to 15% today, but there it is : Germans Are Sensible People.
GASP, indeed... :wink:
Image

beats me
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Re: Only 15% of Germans use credit or debit cards?

Post by beats me » Wed Sep 24, 2014 3:31 pm

Angstrom wrote:Lemme get out my little book of German stereotypes>

Germans are pragmatic and don't like debt. For instance they prefer to rent rather than have a mortgage. Where Americans have the famous attitude of "temporarily embarrassed millionaires" and will borrow & spend accordingly, Germans are much more careful and wary about the future and prefer savings and earnings to lendings and owings. Consequently the sub-prime loan / credit crunch thing didn't hit them anywhere near as hard and their economy was stable enough for them to purchase several Fucked countries out of it.

< closes little book of German stereotypes.

I think that stereotype is slowly changing, credit card usage is up from 5% in 2005 to 15% today, but there it is : Germans Are Sensible People.

8O :?


I find the amount of personal American debt appalling ($10,000 in just credit card debt on average).

But recently I really stepped up using my cash back rewards VISA on everything possible, but I’m not living outside my means or giving money to the bank in the form of interest. I pay it off in full every Friday and because I get cash back I make about $300 - $600 a year off it. Sure, that’s not retirement money but it could be a nice piece of gear or software.

I wondered why banks even did this type thing (give away money??) but I then realized that most people aren’t that disciplined in payments and the idiots think 1% cash back somehow offsets the 19% interest. But also banks aren’t losing money on people like me either because they charge fees to merchants. The more I use the card the more fees they get to collect (but not from me).

Angstrom
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Re: Only 15% of Germans use credit or debit cards?

Post by Angstrom » Wed Sep 24, 2014 4:32 pm

When I first got a credit card and they asked "...and how much of the balance do you want to pay off each month?" I was completely baffled that that there was any other answer than 100%, I couldn't figure out what they meant.

beats me
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Re: Only 15% of Germans use credit or debit cards?

Post by beats me » Wed Sep 24, 2014 5:03 pm

That does sound like a stupid question, but maybe they are using it to gauge if they will make any money off you in interest. They don’t make anything off your 100% payoff, a reason some banks charge an annual fee to have their card.

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Re: Only 15% of Germans use credit or debit cards?

Post by Angstrom » Wed Sep 24, 2014 5:25 pm

beats me wrote:That does sound like a stupid question, but maybe they are using it to gauge if they will make any money off you in interest. They don’t make anything off your 100% payoff, a reason some banks charge an annual fee to have their card.
It's not a daft question, it's just that I'm unusual in this society because I have no debts. I think its more usual for people in modern consumer capitalist society to pay off a percentage much lower than 50% of their outstanding debt, because as I understand normal people they buy lots of things which they can't afford, such as a new car or TV, or computer, and then pay that debt off over a long period. Of course then the money-lenders get great joy from these people because of compound interest and other tricks.
as an average American household, let’s assume you pay an average current rate of 12.83%.Finally, let’s assume you carry this average balance for 40 years, between ages 25 and 65. How much did your credit card company make off of you and your extreme averageness?
Answer: $2,629,618.64
http://www.businessinsider.com/compound ... ebt-2013-2

But most people don't understand a simple balance sheet, never mind compound interest.

beats me
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Re: Only 15% of Germans use credit or debit cards?

Post by beats me » Wed Sep 24, 2014 5:49 pm

Angstrom wrote:
beats me wrote:That does sound like a stupid question, but maybe they are using it to gauge if they will make any money off you in interest. They don’t make anything off your 100% payoff, a reason some banks charge an annual fee to have their card.
It's not a daft question, it's just that I'm unusual in this society because I have no debts. I think its more usual for people in modern consumer capitalist society to pay off a percentage much lower than 50% of their outstanding debt, because as I understand normal people they buy lots of things which they can't afford, such as a new car or TV, or computer, and then pay that debt off over a long period. Of course then the money-lenders get great joy from these people because of compound interest and other tricks.
as an average American household, let’s assume you pay an average current rate of 12.83%.Finally, let’s assume you carry this average balance for 40 years, between ages 25 and 65. How much did your credit card company make off of you and your extreme averageness?
Answer: $2,629,618.64
http://www.businessinsider.com/compound ... ebt-2013-2

But most people don't understand a simple balance sheet, never mind compound interest.

More idiot logic, patting yourself on the back for having $10,000 in savings while also paying off $10,000+ in debt with interest.

H20nly
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Re: Only 15% of Germans use credit or debit cards?

Post by H20nly » Wed Sep 24, 2014 6:42 pm

i have a broken axle on my car... i don't have the money to pay for a new one.

Angstrom
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Re: Only 15% of Germans use credit or debit cards?

Post by Angstrom » Wed Sep 24, 2014 7:23 pm

H20nly wrote:i have a broken axle on my car... i don't have the money to pay for a new one.
Ask yourself - " what would Jürgen do?"

TomViolenz
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Re: Only 15% of Germans use credit or debit cards?

Post by TomViolenz » Wed Sep 24, 2014 7:25 pm

Angstrom wrote:
H20nly wrote:i have a broken axle on my car... i don't have the money to pay for a new one.
Ask yourself - " what would Jürgen do?"
I thought the agreed upon German name was Klaus?!

Television lied again! :x

eyeknow
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Re: Only 15% of Germans use credit or debit cards?

Post by eyeknow » Wed Sep 24, 2014 8:57 pm

Angstrom wrote: But most people don't understand a simple balance sheet, never mind compound interest.
No, it's just that they don't care.

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Re: Only 15% of Germans use credit or debit cards?

Post by eyeknow » Wed Sep 24, 2014 9:01 pm

Angstrom wrote: Where Americans have the famous attitude of "temporarily embarrassed millionaires" and will borrow & spend accordingly
Actually, the correct answer is most of my life (many decades), real estate was an investment. A pretty safe one too. If I ever get from under this house, I'll never buy again though.

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Re: Only 15% of Germans use credit or debit cards?

Post by eyeknow » Wed Sep 24, 2014 9:06 pm

beats me wrote:8O

Read that figure in relationship to a recent German Apple store armed robbery, lots of cash to be had.

I’m like the polar opposite and only pull out cash to get a haircut (cash only place). I think going to an ATM is an archaic relic and you can even deposit checks with your phone camera now.
ATM's are for real men.

H20nly
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Re: Only 15% of Germans use credit or debit cards?

Post by H20nly » Wed Sep 24, 2014 10:30 pm

Angstrom wrote:
H20nly wrote:i have a broken axle on my car... i don't have the money to pay for a new one.
Ask yourself - " what would Jürgen do?"
i dunno... it depends... is Jürgen part of the 15% or the 85%?

this matters.

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