Perhaps the most likely future for credit cards is their potential to exploit the finances of other nations, as they have done to many Americans. Even the Federal government sits entrenched in its own deep abyss of debt.

The United Kingdom

The British love their plastic nearly as much as Americans. In fact, while Americans are still leading in credit card debt, the British are not far behind. Credit card use has risen sharply in Britain in the last couple of years, alarming many financial experts who are tending to the dire situations of many of the country’s citizens.

One of Britain’s growing problems with its credit card companies is the fact that interest rates have gone without limits. Until now the British government has not enforced an interest rate limit, but with numbers of cards appearing with outrageous interest rates intended to lure the already financially stricken, there is a renewed outcry to revisit the interest rate problem.

Europe

Luckily for consumers in European nations such as France and Germany, their governments have provided some strict laws for banking that allow consumers many more options than those offered by credit cards. It is not that plastic is avoided, in fact most Europeans use debit cards rather freely, while keeping their few credit cards at home. European banks offer their customers much higher overdraft protection accounts with considerably kinder interest rates than either their American or British counterparts.

Even with these laws in place, though, more and more Europeans are seeking solace in American-style credit cards. However, one of the main issues holding back widespread credit card use by most Europeans is the general lack of any type of credit reporting agency, such as an Experian, TransUnion or Equifax. And there is a complete lack of interest in the capitalist-stoked debt problems of the Americans and British.

Plastic Everywhere

Eventually, credit cards will most likely be available in most corners of the globe, but for now it is interesting to note those economies who are managing to root themselves in more traditional forms of finance, such as checking and savings accounts from which purchases are made.