Wednesday, November 17, 2010, AM | 9 Comments
Visa credit card has increased its customer base in Russia seventy fold in the last decade. In 2000, Visa had nearly one million accounts. In 2010, it has increased that number to 70 million. Looks like every decade or so, another nation’s folks will go the path of heavily in debt. So far that honor has gone to America with all the glory and misery that go with debt. This is one of the most enduring countries where debt has survived through all kinds of financial weather. We will see what other country will be able to compete with the United States in debt.
Glory and Misery of credit card debt
When folks keep borrowing without worrying about the coming days, they tend to live in glory. They spend their loan as if there is no tomorrow, meaning they think tomorrow will never come when its time to pay back the loan.
The misery surfaces when it’s finally time to pay the debt. Postponing debt by paying the very minimum every billing cycle accumulates not just more debt but the misery that follows it so closely. The sleepless nights that prevails over your existence at night. But those people feel the misery more who are conscientious about it. Unfortunately, there are some who don’t give an iota what happens to them and to their families financially.
Using credit card to purchase is borrowing money which you must pay back. That’s borrower’s moral and ethical obligation. In previous generations, “I Owe You” (IOU) was the American way. It was unthinkable at the time that the IOU would not be returned to its proper owner. Somehow and somewhere we have lost that edge.
Other countries are competing America in debt
According to the Moscow Times, Visa is considering Russia as one of its priority markets that is crucial for the company’s growth. Visa will invest into expanding acceptance in Russia, including in electronic commerce, and will further develop the electronic payments technology through such channels as mobile communications.
“In the early 2000s, the use of Visa cards was more of an exception than an everyday means of paying for goods and services. That has changed today… As Russians have become more accustomed to using Visa cards, payment for small items and services that are part of our everyday life is now common.”
According to the Wall Street Journal online, Russia is one of many countries, that have witnessed a significant rise in credit-card balances in recent years.
As of 2009, China, Brazil, India and Russia had a total combined credit-card balance of $143 billion, still a far cry from the U.S.’s $849 billion but getting into the same league.
International Olympic Committee ought to have DEBT competition
What the IOC should do is to have competition held at the Olympics. America! You would win the Gold and Silver Bronze medals by a trillion length. You just have to give the Bronze medal to one of the other nations so that they don’t get discouraged in acquiring credit card debt.
As long as your spending spree has no end to it, America, no one single nation can surpass you in credit card debt and the foreclosure and the bankruptcies that have followed. Your $849 billion dwarfs the $143 billion owed to the Chinese, Brazilians, Indians and Russians combined.
In a Nutshell
Hey America! Don’t be threatened by the Russians and Chinese and other countries potential credit card debt. That, for now, is your domain. You are the king of your castle. But don’t you lose your position of being a gold medalist in acquiring credit card debt!