Earlier quoted context omitted.
Seems simple. No credit, until you do.
But then you carry a balance
Not when the law says differently.
Bernie Sanders interest-rate cap could end credit-card rewards programs
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Re: Bernie Sanders interest-rate cap could end credit-card rewards programs
#22I live in a country where credit cards can't carry a balance. Everyone pays them off every month. If you need a loan, you ask the bank. In the absence of credit card interest rates, we pay yearly fees for cards depending on the rewards offered by each. It's kind of the best of all worlds if you ask me.
What if you don’t pay?
If you can't pay your bill in full, you work out a plan with your bank to pay your debt back over time.
Your credit card limit was already determined by your income, so the possibility for individuals to get themselves into financial trouble is rather low.