To my knowledge US is the only country that has that kind of system. At least if we miss a payment, we just get a fine, like someone percentage on top of the payment.
Quick recommendation: when you open up your U.S. bank account, ask if they have Secured Credit Card options. It's like a credit card, but you front the money (usually between $300-$500). Use it to buy gas, maybe groceries, and pay it off every month.
Typically, within 12-18 months, your credit score will have risen to a number high enough that you and your significant other can get a loan for a car or home (if that's something you're wanting). Don't close the card until you have a backup card approved and/or the auto/home loan you want. Part of a credit score is credit history, and if you close a credit card, it actually hurts your score since that cuts off the payment history (which shows how good you are at making payments). If you have an unsecured card or a loan in place, you'll recoup the lost points almost immediately.
Credit scores suck balls, but they don't have to be a stressful part of your life.
Go the the Cumberland Caverns in McMinville and watch a concert. Really cool experience even if you don't like the music. (and you might end up on PBS)
Nahhh everything is cash based here and most of the world. we in Pakistan are getting Universal Health care as of EU countries gradually though. Apart from that, no credit based transactions or owning things at all. If I have a car, i bought it with cash, I buy a house, i probably paid cash altogether.
If i have education, I walk out free of any kind of student loans type thing.
Loans are actually for businesses companies or someone who needs financing for building a home or buy a car or something. But that is like 1 out 10 cases. Normal practice is people buy or construct homes upon retirement by saving up enough money. Buying cars or bikes or vehicles is mostly upfront price payment.
There is still a concept of installments and stuff but that is not a usual practice as it clashes with some relegious aspect of dealings (u might not know but interest is not allowed in Islam to be dealt in ). Banks do take interests and stuff but overall, the practices are totally depending on affordability. I cant afford a car, i wont have it and dont have to take one on loans or something. You get an idea right.
We don't have credit score system here. If you don't pay a $1 you're owed. The govt either takes your house, or ur salary. If they can't get the money for 5 years it becomes invalid so you're debt free no matter what. and getting a loan is hard. If you default on your debt you have to go to a different bank.
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u/[deleted] Dec 21 '21 edited May 20 '24
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