Europe's $24T Breakup with Visa and Mastercard Has Begun

Re:Europe's $24T Breakup with Visa and Mastercard Has Begun by barbazoo on Tuesday February 10, 2026 @01:25PM (#46964443)

Growing up in the EU, living in North America now, it's mind blowing to me how much credit these companies are making available to me. Not that I ever would outside of an actual emergency but I can see how it's tempting to someone who didn't grow up in a financial risk averse society.

[ Parent | on HN ]

Re:Europe's $24T Breakup with Visa and Mastercard Has Begun by watwut on Wednesday February 11, 2026 @03:11AM (#46972237)

> grow up in a financial risk averse society.

It is not risk taking, it is a system that not just normalized the debt, but punishes people for not taking it. When you are recommended to use credit card, so you can function on debt, so that you can get better mortgage later on, then the thing in play is not just "risk aversion".

[ Parent | on HN ]

Re:Europe's $24T Breakup with Visa and Mastercard Has Begun by a_victorp on Wednesday February 11, 2026 @06:38AM (#46973713)

Yeah, that always blew my mind as a non American.

[ Parent | on HN ]

Re:Europe's $24T Breakup with Visa and Mastercard Has Begun by carlosjobim on Wednesday February 11, 2026 @07:37AM (#46974186)

It's amazing. Meanwhile your fellow Europeans wouldn't trust to lend you their power drill for a weekend, even if you've known each other for 30 years.

My European business banks have never offered any kind of line of credit. Of course they probably would if I needed, and went there to grovel and prostrate myself. In contrast, my American business bank just sends unprompted e-mails sometimes asking if I would like to borrow a bunch of money.

American trust is based on rationality and intuition, while European trust is based on rules and authority. That's why business can flourish much more in the USA.

[ Parent | on HN ]

Re:Europe's $24T Breakup with Visa and Mastercard Has Begun by beAbU on Wednesday February 11, 2026 @10:04AM (#46975835)

Nah, more like the money is lent out because it's so profitable to exploit americans addicted to debt.

[ Parent | on HN ]

Re:Europe's $24T Breakup with Visa and Mastercard Has Begun by beAbU on Wednesday February 11, 2026 @10:05AM (#46975844)

> That's why business can flourish much more in the USA.

And look where that's gotten you.

[ Parent | on HN ]

Re:Europe's $24T Breakup with Visa and Mastercard Has Begun by carlosjobim on Wednesday February 11, 2026 @10:11AM (#46975915)

Indeed!

[ Parent | on HN ]

Re:Europe's $24T Breakup with Visa and Mastercard Has Begun by fransje26 on Thursday February 12, 2026 @04:20AM (#46986579)

> In contrast, my American business bank just sends unprompted e-mails sometimes asking if I would like to borrow a bunch of money.

> American trust is based on rationality and intuition

Just remind us where the 2008 subprime crisis started again?

[ Parent | on HN ]

Re:Europe's $24T Breakup with Visa and Mastercard Has Begun by Aerroon on Wednesday February 11, 2026 @08:39AM (#46974821)

The availability of credit is a positive imo. Sure, it's possible to trap yourself in debt, but being able to pull that lever in an emergency is valuable. Imo US is better on this front than Europe.

[ Parent | on HN ]