If you’re in debt in France, you’ll never get a loan. Even though there’s no credit score, banks evaluate you on your capacity to save money depending on your financial situation and not be in debt, this will determine how much you can borrow. And that’s how a couple of blue collars can still borrow 200 k€ for their main residence. And in general when you buy, the banks expect you to bring 10% of the house price as a down payment, a proof that you were able to save despite renting.
From a french viewer perspective, it's a really interesting subject, and you are doing really well at explaining and illustrating. I'm glad you feel welcome here in France, and thanks for sharing!
Thanks for this video! I didn't understand why Americans were shocked that Warren Buffett lived in the same house all his life. Now I understand, thanks to you. In fact, we French are a people of savers, which drives the government crazy because it's less easy to tax given the debt problem.
I'm always so excited to see a new video from you guys. Your sane but often humorous approach to your life in France and especially the differences with the US are great. I've lived in France and miss it very much but intend to return in 3-5 years time for my retirement and can't wait.
In France you can also have credit cards called revolving credit. Interest is high ( more than 20% in general). And it’s a trap that can make you spend more than you should. And bank cards can also be direct debit. You choose what you prefer.
And you don't appreciate what you have. You believe that it cannot be worse, only better. In reality things can always be worse and may not be better. Therefore there's no point to vote Front National whatever they call themselves
@@budapestkeletistationvoices I know that we are on UA-cam and almost everything is allowed, but this kind of statement is extremely vulgar for a French person. We do not talk about our religion, our sexual practices, or our political opinions in public. It is considered extremely impolite and vulgar, avoid this kind of comment in France if you value your physical integrity (this is friendly and free advice).
@@CROM-on1bz and apparenty the French Fascists and Putinists discreetly take over the country. I didn't talk about my religion and sexual practices, but Marine Le Pen
I believe the Credit check is a bit different than explained. In France you start with blank credit failure. To secure a loan here: you must (1) have a stable source of revenue, (2) be under the maximum percentage of "endebtment" (e.g.: to borrow 80,000€ for a car you must earn between 4,000€ and 6,800€ / month), (3) your overall endebtment is considered by your bank 35% or your earnings, (4) You MUST NOT be blacklisted on the Banque de France list of bad payers. So believe me, a LOT of checks are made before you are granted a loan (age, income, debt/income ratio, marital status, etc). Those check are ALSO there to protect you against compulsive purchases that you could not pay-back.
I agree with what you said! Another reason why Americans have more debt than the French is student loans. As a French person living in the US I am still paying student loans. I would not have those if I had attended a university in France.
Omg, yes. We actually had a section on student loans in the video and a few other things, but it was just getting so long we had to edit. But this is another thing that feel completely out of control in the US and thus requires debt, the cost of education.
i regret every single day going to university in the USA. I'm currently in France right now working towards applying for my master's - which is about 60k+ in the USA for the exact same degree...
The issue with the US is that students are too immature to take out student loans responsibly and that private banks control the system. There are people out there with hundreds of thousands of dollars in student debt when all they have to show for it is a major in English and a job at McDonalds. In my country of Sweden, the Department of Education runs and operates CSN (The Central Student Aid Board) which decides the amount a student can get. It's divided into two parts: the first part is called "student support" for students who live at home and don't really have very many expenses. You don't need to pay back the student support grant. The second part is called "student loan" for students who have a place of their own where they pay rent, electricity and other things. This loan needs to be paid back with interest. Currently, the student support is ~$400/month and the student loan is ~$920/month. Total sum for both is ~$1320/month. The 2024 student loan interest is 1,23%.
@@WolfHeathen Well when you are young you dont know any better. I know for me i grew up poor, no guidance from parent, no access to internet, i didnt have a computer until i was 25, so i didnt know any better. But i did paid it off, took 12 years, and not much ability to afford anything else.
When you talked about couches, I looked around me. I am 70 and sitting on my third couch, well the third one I bought. There also is one that I inherited from my parents that inherited it in turn from my grandparents. Not the current style any more, but lots of memories connected to it. And in perfect working order! And I am sitting in the livingroom of my first house, that we bought just 36 years ago. Europeans plan differently, I think.
It is so sad that debt, credit and credit reporting, and healthcare has become such big business in the US pricing the average American out of everything we hope to find in France.
Vous faites un merveilleux couple. La nouvelle coiffure de Mme lui va très bien. Pour analyser votre vidéo, la chose la plus importante en France est la solidarité pour la protection sociale et médicale. C’est essentiel. C’est choquant d’imaginer laisser les gens mourir uniquement parce qu’ils n’ont pas d’argent… bises à vous deux Guillaume et Helene)
Most French people aim to own a home; renting is rarely a choice. The reason many rent is simply because they lack the means to buy. Retirement in France is, for many, not enough to live comfortably. What makes a difference is whether you own a fully paid-off home or not. Additionally, owning a home allows you to pass on something to your children, as France is very much an inheritance-driven society. In short, French people rent out of necessity, not by choice. As for the US, it’s up to each individual to buy a home that fits their needs and income - it’s a matter of personal responsibility.
Thanks for your videos. It really helps me understand your country. I’ve there as a visitor but not long enough to experience the life of american citizens. I never truly understood the credit cards system. The interest rates are really awful. In France you apparently choose to have a end of the month payment for your expenses. But you can choose to have your expenses taken from you cash account immediately (that’s what I do because I don’t want to be in debt at the end of the month). Anyway your videos are wonderful wether you are talking about France or the US.
it is a culture. peer pressure. speculative, price gougy, overleveraged environment. overleveraging is linked to cyclical crashing. We spend money that we do not have, on things we do not need, to impress people who do not care. Will Smith
Great vidéo. I would add: the French obsess with their vacations. They'll spend money on that before thinking it is time to consider buying a house. Also, keeping up with the Joneses. The French are more private. Hence, if they spend on appearences, they'll go for clothes & a better car rather than a bigger house which they'll open to fewer people anyway.
I am always amazed by your ability to understand your new country in such a short time. I think you are too polite to say it but the majority of French people still have a "peasant spirit" when it comes to money: A penny is a penny and you only spend what you have. Credit is only for life projects like buying a house which generally represents a heritage to pass on to your children. In France, no one talks about money but everyone thinks about it!
Having a "peasant spirit" would likely benefit a large % of Americans! As an American whose parents had very vivid (unpleasant) memories of growing up during the Depression in the 1930s, I was raised to be a saver/investor rather than a "spender". This has really served me well over the years. To quote my long-deceased mother, "Too many people foolishly live a 'champagne lifestyle' on a 'beer budget'".
Hi, being a dual EU-US citizen, I totally agree with your comparison of the 2 cultures. You might want to mention consumer credit companies becoming more prevalent in France - such as Cetelem just to name a popular one. Many people use that form of credit now and get into trouble because as a people, we do not have a culture of debt management.
In France, by law all your credits (house, car, ...) can't exceed a certain % of your salary, but many credit business "forget" to check that ! Then yes some people are catch. in the debts spiral.
@@brigittelacour5055 35 % maximum of your income ... but , yep , some credit agencies will cheat on your income to push the credit line on you. There's a last " garde-fous " in France = % interest Rate can't exceed le " taux d'usure " by law.
Oui ... Je confirme ... J'ai horreur des dettes !! ...je n'en ai aucune !! ... Je préfère attendre et économiser pour m'acheter quelque chose que de faire un crédit ... La seule chose pour laquelle c'est obligatoire pour la plupart des français, c'est si ils veulent devenir proprietaire ... Et dans ce cas, il faut prouver votre solvabilité ... En france, il existe un barème qui s'appelle, le taux d'endettement, c'est ce barème qui détermine votre solvabilité .... Et il y a aussi votre âge, bien entendu ... Et il est interdit aux organismes bancaires d'accorder des crédit a des gens insolvables ... Certains contournent cette loi en trichant sur le montant réel de leurs revenus ... A leurs risques ... Car en cas de défaut de paiement, la maison ou les objets seront saisis mais en plus, ils devront continuer à payer le reliquat entre le prix de l'objet ou de la maison vendu aux enchères et le montant total de l'emprunt qu'ils ont contractés ... Ou ils devront anticiper et vendre par eux même, leur bien au meilleur prix ... Pour couvrir leur dette ...🤔🤔
I'm french and really enjoy your vidéos. healthcare of the french system is rather a good system. However it's better to subscribe a "mutuelle" to cover expanses that are not taken care by the Healthcare french Social Security. For exemple: if you need to be hospitalised some of the charges still charged and not re imbursed . Therefore the Mutuelle's suscriptions are not as expensive as it could be it the USA. Can go from 50 to 160 euros per month (average) and covers many things. It's covering some of the Dental, ophtamilogist, extra costs at the hôpital. etc.
Do this for french people in the future , and in French language 😁 ,to explain to french people , who complains so much , or who Dreams about USA way of life , how lucky they are 😁
@@JeanlucPerez-u3g The dream is to live in France while keeping your professional activity in the US, thus benefiting from a much higher salary. That’s the real lesson. You take advantage of both sides and live in the country where the cost of living is lower. Nothing to criticize, but it’s not comparable to the life of the locals…
Nice video and knowledgeable , i use to travel in the US for business but US is now like Switzerland , very high cost country In Miami , 45 $ a breakfast not really fancy , I asked for a fresh orange juice and the server brought another 15 $ bill Amazing !!! Uber was affordable but apart this … I have seen that average income for a household is 100 k$ a year which is not case in France but with those kind of costs . You need this even more to be equal with France
France is an exception on credit registration. Many other European countries have organizations that register credit, like BKR in the Netherlands and Schufa in Germany. There's even a National Credit Register in Europe. Here in the Netherlands, we don't have a visible 'credit score' but every 'non-cash' purge is checked with the BKR and could be denied. (monthly payments for phones, cars etc) Credit cards are normally not a product of banks; sometimes, they have co-branded cards and mostly debit cards or with a very small credit 'space'. You can always apply directly with VISA, Mastercard, or American Express. My experience in the USA is that many people max out one or more credit cards to a point where what they earn is enough to pay the monthly interest. (18-30%) Any change in that balance could mean a personal disaster. Here in Europe, people live more to 'life within your means' and safe for emergencies.
How did you get that 40% number tho ? Because you can double French salaries to know what the company actually pays, a lot gets taken out automatically (no opting out) for retirement, healthcare, unemployment insurance, etc.... Which isn't considered "incomes" (no tax). Someone earning 40K before taxes in France is actually being payed 80k by the company. Something everyone seems to be forgetting when comparing to the US, French included ! On another note there is a commonly held principle in France that the only loan you should ever take is a mortgage. We do have things like revolving credits, etc... But they are seen as something for the financially illiterate. Even car loans are frowned upon in most case....
You are right, even car loans are frowned upon. I have taken one anyway as I managed to pay 0.5% interest rate (as it is an EV) even if I could pay the car cash. It is better to have a 0.5% loan and use my cash to buy ETF on my PEA.
Regarding the healthcare system, you’re overlooking some very important information. In France, healthcare is primarily funded through employer and employee contributions. To explain, an employer pays you a gross salary, and from that gross, around 20% is deducted (these are the contributions), which gives you the net salary. These deductions cover healthcare, among other things. Additionally, in France, besides the gross salary your employer pays you, they also pay extra charges on top of your salary. A significant portion (about 30%, if I recall correctly) of these employer contributions goes towards healthcare. This is one of the reasons why salaries in France are lower compared to the US-the employer contributions are very high. If these were reduced, salaries would be higher. In short, every employee pays several hundred dollars a month for healthcare, directly or indirectly (and with an average salary, that’s quickly around 500 euros a month going into healthcare instead of your pocket). Since it’s an individual contribution, if both partners in a household are working, they each contribute, and it can become a hefty bill for some families. So, yes, we pay for our healthcare in France, and for some, it’s quite a lot! And I don’t even talk about mutuel which is more and more an obligation ! As for the US, the cost is, of course, significant, but when you compare it to salaries, it’s not as outrageous as it seems. It’s also important to note that each employer offers different healthcare plans with varying benefits. Personally, I pay $400 a month for a family of four, with a $1,200 deductible, 80/20 coverage, and an out-of-pocket maximum of $8,000. It’s worth noting that you rarely reach the out-of-pocket maximum unless you have a particularly bad year. Also, many preventive visits, like annual check-ups, dental cleanings, etc., are covered under the premium (this year I had a colonoscopy fully covered as well). When it comes to healthcare in the US, you also need to understand the system and plan ahead. Every month, we set aside money into an HSA (Health Savings Account), which will cover unexpected expenses. Some years we’ve contributed less, other years more, but now we have a substantial amount saved, so even if we hit the out-of-pocket maximum, it’s not a problem-it’s been planned for. Healthcare is a priority, and once again, it’s a personal choice. And I’m not even mentioning the quality of care, which, where I’ve lived, has been very high compared to France. In France, if you need to go to the hospital or the emergency room, the quality of care can sometimes be disastrous…
This is absolutely a massive discussion around healthcare, but the thing we wanted to point out in this particular video is that the way healthcare is paid for in France is much less likely to lead to unexpected huge lump sum bills that can force people into debt as can happen in the US, even if you're lucky enough to have medical insurance.
@@BaguetteBound I understand, and of course, you’re not wrong, but on the other hand, social contributions in France are so high and salaries so low that even a few dozen euros of out-of-pocket expenses can be very difficult to pay. Private health insurance, which is increasingly mandatory, is expensive, and many struggle to afford it. So yes, in France, we may have less debt when things go wrong because the system is more protective, that’s true. But at the same time, opportunities to bounce back are fewer, and in the end, it’s just as hard to put food on the table and live decently. I’m not saying the American healthcare system is good-it’s not, it’s highly unequal. However, the French healthcare system is far from as good as you think. The proof is that for more than 20 years, everyone has agreed that it’s not doing well. The system is hanging by a thread, finances are at an all-time low, we’re lacking staff and equipment, and the quality of care is getting worse. Hospitals are closing, there are fewer and fewer doctors… The French healthcare system is no longer viable today and won’t last much longer in its current state. It was a good system at the beginning, but it has deteriorated, and now it’s close to collapsing. In a few weeks, major strikes will take place in France, yet another social crisis will emerge, and it’s always the same issue-public finances and, in particular, the funding of the French social systems…
There are interesting videos comparing the two systems and concluding that overall, the healthcare in France is less expensive and more efficient than in the US. In particular, people in France are cared more regularly and preventively, meaning that they do not wait before their state of health get worse.
@@mastochabou62 I’m not sure when your videos were made or how reliable they are, but honestly, if you’re telling me that preventive medicine works in France, we must have lived in different countries. Are you talking about the country where 11% of the population can’t find a “généraliste”(over 5 million people)? I’ll take my own example: colon cancer is unfortunately common in my family. In the US, despite having no symptoms but with a family history, at 45 I had my colonoscopy fully covered by my insurance, and fortunately for me, because I received some very bad news. Luckily, it was caught early, so I avoided a catastrophe. Of course, my specialist told me to warn my relatives to do the same, which in my case are my sister and father who live in France. They went to see their respective general practitioners, and the response they got was, ‘No need to worry, no symptoms, no need for a colonoscopy.’ (Really?? Knowing that when symptoms appear, it’s often too late…) In short, preventive care in France is a disaster. Here, I see a dermatologist every year, covered for skin checks, and in France? Oh yes, first you have to find a dermatologist, and they’re all moving into “chirurgie esthétique” because it pays better…
@@mastochabou62 Il y a un “Zone interdite” datant d environ 2 semaines (écrans, sommeil, anxiété : nos ados en danger !), qui traite de la psychiatrie en France (chez les jeunes), ça donne une idée du niveau de notre système de santé…la prévention ? Je sais pas où…
Great video, sad how young Americans get riddled with CC debt with high interest. It happened to a close family member when they left for college. I got riddled with a $30k+ student loan debt then bought a $30k vehicle when I had no money after graduating. Starting my career with $60k+ debt 10 years ago, nice! Luckily I was able to be super frugal to get out of debt in about 3 years and kept the same frugality for the next 7 so now we can do a sabbatical in Europe with our young one. Good for finances? No. Best earning years? Maybe. Best living years? Definitely!
We had additional sections on education and transportation debt and the video was getting so long it was turing into a documentary. 😂 So we had to edit. But it frustrates me because exactly the senerio you're describing is so common in the US. It's just how things are set up.
Great video as always. Very interesting to learn about this debt culture in the US. Very different as you said from what we are used to in France. I would like to make a clarification though. If I'm not mistaken, credit cards like the ones you have in the US do exist in France. They're not the main payment mean banks offer but you can find many companies providing them (for example, the "Carte PASS" from Carrefour). Generally these credit cards allow you to choose either a direct payment in full or a credit payment that you reimburse monthly with interests. And, indeed, as you said in the video, banks generally offer debit cards instead, but not all of them are "delayed debit" cards. I think most of them are in fact "immediate debit" and you have to opt in for delayed debits.
Simply, the healthcare debt doesn't exist in France, the prices are reimbursed and chirurgical operations are free (well, taxes deduces from your salary).
Credit cards associated with opened revolving credits do exist in France, but there are less current. They can be proposed by your own bank.There are also proposed by specialized such as Sofinco, cetelem,..). Most of overindebted people in France have generally had taken that type of credit. So most of aware French people have recourse to this type of credit on a punctual basis and try to refund their cred as soon as possible as interest rates are very high: 18 to 20 %
I just signed upbto work with a mindset coach due to my fear of selling my home while planning to move to France. Your video helped me tremendously toward my ties to something, as you say the bank owns and not me. 😊
Good points. A big difference when it comes to housing debt is that mortgages are very unusual in France. When you buy a home, you take a regular loan that is not backed by an asset. Of course, in practice the bank will still end up forcing the sale of your house if you cannot repay the loan. But that still makes a big difference: the loan on your home is meant to be repaid in full in 20 to 30 years (as opposed to only paying interests and jumping from one mortgage to the next), and since the loan on your home is not a mortgage, you cannot release equity/borrow more when the value of your house has increased. This means that you are not pushed to take on financial leverage and roll debt during your entire life. On a more systemic level though, I tend to like the American approach. The appetite of Americans for debt and financial leverage also reflects certain priorities (less aversion to risk, a higher dose of optimism, a more forward-looking mindset... - these are not bad things, they also make for a more mobile, dynamic society).
C'est vrai, la carte de crédit française ne donne pas accès à un vrai crédit. Cependant on peut demander un crédit "revolving". Je crois qu'on peut obtenir très facilement un crédit de 5000€ par exemple. No questions asked.
Raina I have to say that French life suits you, you are glowing 😊 Also V-necks suit you much better than the "cols ronds" (forgot the English word) you usually wear, I feel like telling you that every time you wear a col rond 😁 I don't watch all your videos btw but enjoy the ones I watch.
Thanks for the very informative video. Do you know if in France, as in U.S., homes can be purchased privately (since everything in US finds its way on the Internet) such as buying as an LLC rather than an individual? Or is purchasing a home in France already a private process, meaning that your property isn’t listed openly for public consumption with info such as owner’s name, address and amount home was bought/sold for. (I find it outrageous and a major invasion of privacy, not to mention can be dangerous that that information is readily available on the Internet about US home owners just by just Googling their name.) Perhaps that could be a topic for one of your videos?
Bonjour, la seule chose qui sera rendue publique en France sera le nom des propriétaires et rien d'autre, mais ces propriétaires peuvent être une société commerciale ou non, SARL, SCI ...
I think that "owning your house" is also very American because of the strong notion of private property (the house is the Castle and Fortress...). In addition in France, there is rental assistance (APL) which means that going into debt to buy a house is often less profitable than continuing to save money and rent for few years. Have an ever bigger house : We see almost the opposite among the French, when you retire you leave the large house in the peri-urban suburbs to take an apartment in the city center. + I don't know if you know but we have an expression in France which says "les bons comptes font les bons amis". It's an expression that we all know which implies paying off debts quickly (few days) . We don't like debt (that's why Napoleon sold Louisiana to the USA).
@@BaguetteBound This is the typical situation. And we've been practicing this "philosophy" since we were 15-18 years old, if a friend buys you anything (a drink in a bar, a cinema ticket or something else). Because we saw it from our parents and all the other adults. We heard our grandmothers tell a gossip-story and say the expression. It's completely integrated into the mentality.
I don't know if it exist like in France but when you buy something on a web central shopping you can choice payment in 3 or 4 (free the most of time) or even 10 times (with few interest to pay with for this last one). There are also private credit organisms but it's most drastic than in America in term of eligibility to access to them.
Yes often you can buy something by 4 times without fees, in stores like Darty Fnac Boulanger, sometimes even 6 times without fees, home appliances, data appliances
Hi guys, As a french citizen, it's always interresting to know what's happening elsewhere, especially in the us concerning debt and other stuff COnsidering the credit cards, many supermarket propose their own credit card with a similar function as in the us. Personnaly, I prefer to buy in 3 or 4 payments free of charges when I order on the net (most of my furnitures, mainly with paypal) Of course in France, our boss is not aware of our personnal debt (thank god for our privacy), but our banker yes (especially, when you want to buy a house) When you want to buy a hourse or a flat, your banker will calculate your debt ratio, considering all your short and long term existing loans (furnitures, cars...), and your monthly expenses in general compared to your global famlily (couple) incomes The maximum money the bank will give you wont orverpass a maximum 33% to 35% of debt on you incomes (to avoid people to get financialy strangled), and most of the time the banker will ask you a percentage of the value of the house in cash ('un apport' in french) Have a nice week end Fred
In the Netherlands we hardly use credit cards At All. Only exception is when confirming a vacation b&b or rental … in France 😅, where a credit card is asked for when making the reservation . House mortgages in NL are going through the roof though
@@Maria-js9ou the "regular" credit cards provided by all banks are VISA. VISA itself does not provide any credit (even in the US): that is the job of the card issuer (i.e. the bank). VISA is mostly a broker that connects the client with its issuer bank. The terms that I use here might not be exact, but the main point is that VISA does not manage credit accounts). I do not know if the CETELEM card is a VISA, but I suspect it is: all French cards belong to the CB network, which is itself affiliated with VISA.
Of youre uskng a credit card for food or fuel pr maintenance, and not paying off the balance means youre paying interest on consumea les and not durable goods. Thats broken financial planning. Credit cards should only be ised for large durable purchases. My AMEX is paid off monthly. My credit union VISA CC has an interest rate of 12% (up from the initial 9%). The balance was high due to medical debt. But a new job has excellent benefits so its being paid off. I bope to be debt free in 6 months.
Sorry but we have credit cards, we actually have more and more credit cards in stores like carrefour, boulanger, ikea... and some bank card are both a debit and a credit card, for example i have the option to pay ''comptant'' meaning I will be debited at the beginning of next month or ''credit'' meaning I think I won't have money to pay for it this month so I'll reimburse the expense over several months (I chose my credit not to exceed 1000 euros because I don't want to have debts, but according to our monthly income I could have up to 5,000 euros in credit, maybe more, which I could pay back monthly (like 50 euros monthly for the credit i have right now) so it would take me years to reimburse it if I wanted to and the bank fees would be huge at the end
more opportunities in the land of opportunity. Opportunities to buy whatever you want with the money that isn't yours. The french live with little confort
You remind me of the channel @Type Ashton, formerly @The Black Forest Family. A family from the US who live with their 2 sons in the Black Forest in southern Germany, maybe you should take a look.
Lol, somehow this video felt different from our usual and I told Jason "we're making a Type Ashton topic video, where did this come from???". But the longer we live here, the more these big social differences come up. I have a lot of respect for Type Ashton's videos, I would never compare our video to her work, but I'm taking it as a complement she came to your mind. 😉 Thanks for watch8ng and the comment!
You guys have great content but that insurance in the US is not good. I have good insurance - no deducatable and 5k max out of pocket. Granted, I want everyone to have access to my insurance. Universal would be much better.
I would not go to compare the Americans immediately with the French. First, let's compare them with Canadians. With the English-speaking provinces, to stay safe, and later if all goes well, with Quebec. And only after that you can look at France, without risking losing the very purpose of your own existence at spot.
ca fonctionne pour moi et je peux choisir la traduction en français qui fonctionne très bien. Ils parlent des crédits aux usa qui endettent les américains.
@@typical_snowflake les célibataires sont aussi des ménages au sens INSEE. ainsi que les veufs et veuves. On peut donc dire sans problème que plus de 50% des français sont propriétaires
Why Americans are drowning in debt compared to the French: Because in France the State provides for the needs of the citizen, and therefore assumes the debt in his place ! Free health care, free university and college, free retirement for some, state benefit for others, and for that, the State... borrows and crawls under the debt !
It 's because france has now 21 % civil servants compared to the activ population, it was 15 % in the 60's. The european average is around 15 %. We must lowers the % step by step for poeple working in the administration's office. Also macron has lowered the taxs since 2017 and it doesn"t balance the budget.
The new prime minister wants to lower civil servants not working with the public. we have at least 500 k or 1 million too many civil servants in france. It's a huge.
@@christianmartin8751 The main thing is that these civil servants should be useful in relation to their salary, which is not always the case in France. We must modernize with artificial intelligence to replace them and simplify everything. france could be a good country but it is bad managed since decades.
French people may not have a credit score but the French state does have one and it is not good and gets worse every year... Public debt (state and Social Security) is currently a very hot political subject.
@@elsenm3965 Yes but French people still freaks out about this public debt which is still too high. People don't like debt and even less a public debt. If you don't have personal debt but a public debt, you still have a personal debt as you will have to pay this debt through taxes.
If Trump is elected, I am afraid lots of Americans will want to flee to Europe or Canada out of desperation. Of course we'll welcome you but it will mean disaster for the world.
« Carte à débit différé » c’est le nom pour ce genre de carte qui débitent en fin de mois. Mais la plupart des gens ont des cartes bleues classiques à débit immédiat avec une autorisation de découvert, juste au cas où.
We move in a week,your videos have helped a lot.
Definitely looking forward to arriving and being debt free
Good luck and safe travels!!
Come living the French dream!
If you’re in debt in France, you’ll never get a loan. Even though there’s no credit score, banks evaluate you on your capacity to save money depending on your financial situation and not be in debt, this will determine how much you can borrow. And that’s how a couple of blue collars can still borrow 200 k€ for their main residence. And in general when you buy, the banks expect you to bring 10% of the house price as a down payment, a proof that you were able to save despite renting.
From a french viewer perspective, it's a really interesting subject, and you are doing really well at explaining and illustrating.
I'm glad you feel welcome here in France, and thanks for sharing!
Thanks for this video! I didn't understand why Americans were shocked that Warren Buffett lived in the same house all his life. Now I understand, thanks to you. In fact, we French are a people of savers, which drives the government crazy because it's less easy to tax given the debt problem.
I'm always so excited to see a new video from you guys. Your sane but often humorous approach to your life in France and especially the differences with the US are great. I've lived in France and miss it very much but intend to return in 3-5 years time for my retirement and can't wait.
Merci 😊
In France you can also have credit cards called revolving credit. Interest is high ( more than 20% in general). And it’s a trap that can make you spend more than you should. And bank cards can also be direct debit. You choose what you prefer.
Yes, I agree, very expensive. That's why it doesn't work so much in France. Even if some people recourse to them.
no one uses them
I'm french, so I know a little my own country, but I wait for your next video every time I saw the last one. 🤣Good job 👍
And you don't appreciate what you have. You believe that it cannot be worse, only better. In reality things can always be worse and may not be better.
Therefore there's no point to vote Front National whatever they call themselves
@@budapestkeletistationvoices I know that we are on UA-cam and almost everything is allowed, but this kind of statement is extremely vulgar for a French person. We do not talk about our religion, our sexual practices, or our political opinions in public. It is considered extremely impolite and vulgar, avoid this kind of comment in France if you value your physical integrity (this is friendly and free advice).
@@CROM-on1bz and apparenty the French Fascists and Putinists discreetly take over the country.
I didn't talk about my religion and sexual practices, but Marine Le Pen
I believe the Credit check is a bit different than explained. In France you start with blank credit failure. To secure a loan here: you must (1) have a stable source of revenue, (2) be under the maximum percentage of "endebtment" (e.g.: to borrow 80,000€ for a car you must earn between 4,000€ and 6,800€ / month), (3) your overall endebtment is considered by your bank 35% or your earnings, (4) You MUST NOT be blacklisted on the Banque de France list of bad payers. So believe me, a LOT of checks are made before you are granted a loan (age, income, debt/income ratio, marital status, etc). Those check are ALSO there to protect you against compulsive purchases that you could not pay-back.
Your videos always have good info, thanks
I agree with what you said! Another reason why Americans have more debt than the French is student loans. As a French person living in the US I am still paying student loans. I would not have those if I had attended a university in France.
Omg, yes. We actually had a section on student loans in the video and a few other things, but it was just getting so long we had to edit. But this is another thing that feel completely out of control in the US and thus requires debt, the cost of education.
i regret every single day going to university in the USA. I'm currently in France right now working towards applying for my master's - which is about 60k+ in the USA for the exact same degree...
The issue with the US is that students are too immature to take out student loans responsibly and that private banks control the system. There are people out there with hundreds of thousands of dollars in student debt when all they have to show for it is a major in English and a job at McDonalds.
In my country of Sweden, the Department of Education runs and operates CSN (The Central Student Aid Board) which decides the amount a student can get. It's divided into two parts: the first part is called "student support" for students who live at home and don't really have very many expenses. You don't need to pay back the student support grant. The second part is called "student loan" for students who have a place of their own where they pay rent, electricity and other things. This loan needs to be paid back with interest.
Currently, the student support is ~$400/month and the student loan is ~$920/month. Total sum for both is ~$1320/month. The 2024 student loan interest is 1,23%.
@@WolfHeathen the student loan interest in the US is higher. Mine is 6.9%.
@@WolfHeathen Well when you are young you dont know any better. I know for me i grew up poor, no guidance from parent, no access to internet, i didnt have a computer until i was 25, so i didnt know any better. But i did paid it off, took 12 years, and not much ability to afford anything else.
Thanks for this video which goes to the essence of cultural difference between the USA and France.
When you talked about couches, I looked around me. I am 70 and sitting on my third couch, well the third one I bought. There also is one that I inherited from my parents that inherited it in turn from my grandparents. Not the current style any more, but lots of memories connected to it. And in perfect working order! And I am sitting in the livingroom of my first house, that we bought just 36 years ago. Europeans plan differently, I think.
I am French too and I am planning to sell my house, not to buy a bigger one but a smaller one as I don't need such a big house anymore.
It is so sad that debt, credit and credit reporting, and healthcare has become such big business in the US pricing the average American out of everything we hope to find in France.
Vous faites un merveilleux couple. La nouvelle coiffure de Mme lui va très bien. Pour analyser votre vidéo, la chose la plus importante en France est la solidarité pour la protection sociale et médicale. C’est essentiel. C’est choquant d’imaginer laisser les gens mourir uniquement parce qu’ils n’ont pas d’argent… bises à vous deux
Guillaume et Helene)
Credit cards are a rarity here in Sweden. No sane person would ever get a credit card.
Most French people aim to own a home; renting is rarely a choice. The reason many rent is simply because they lack the means to buy. Retirement in France is, for many, not enough to live comfortably. What makes a difference is whether you own a fully paid-off home or not. Additionally, owning a home allows you to pass on something to your children, as France is very much an inheritance-driven society. In short, French people rent out of necessity, not by choice. As for the US, it’s up to each individual to buy a home that fits their needs and income - it’s a matter of personal responsibility.
Thanks for your videos. It really helps me understand your country. I’ve there as a visitor but not long enough to experience the life of american citizens. I never truly understood the credit cards system. The interest rates are really awful.
In France you apparently choose to have a end of the month payment for your expenses. But you can choose to have your expenses taken from you cash account immediately (that’s what I do because I don’t want to be in debt at the end of the month).
Anyway your videos are wonderful wether you are talking about France or the US.
Same for me here! No debt!
I hate giving my money to a Bank. They already have my money
You don't pay the interest rate on a credit card unless you don't pay the full amount at the end of the month that you spent during the month.
it is a culture. peer pressure. speculative, price gougy, overleveraged environment. overleveraging is linked to cyclical crashing.
We spend money that we do not have, on things we do not need, to impress people who do not care. Will Smith
Great vidéo.
I would add: the French obsess with their vacations. They'll spend money on that before thinking it is time to consider buying a house.
Also, keeping up with the Joneses. The French are more private. Hence, if they spend on appearences, they'll go for clothes & a better car rather than a bigger house which they'll open to fewer people anyway.
I am always amazed by your ability to understand your new country in such a short time.
I think you are too polite to say it but the majority of French people still have a "peasant spirit" when it comes to money: A penny is a penny and you only spend what you have. Credit is only for life projects like buying a house which generally represents a heritage to pass on to your children.
In France, no one talks about money but everyone thinks about it!
Having a "peasant spirit" would likely benefit a large % of Americans! As an American whose parents had very vivid (unpleasant) memories of growing up during the Depression in the 1930s, I was raised to be a saver/investor rather than a "spender". This has really served me well over the years. To quote my long-deceased mother, "Too many people foolishly live a 'champagne lifestyle' on a 'beer budget'".
I'm in my 60s
And i consider "credit score" is a "new" invention and marketing scheme.
also college is very cheap here. Student loan is not a thing. Bravo pour votre contenu. Vous êtes très sympathiques et agréables à suivre.
Hi, being a dual EU-US citizen, I totally agree with your comparison of the 2 cultures.
You might want to mention consumer credit companies becoming more prevalent in France - such as Cetelem just to name a popular one. Many people use that form of credit now and get into trouble because as a people, we do not have a culture of debt management.
This is interesting. Thank you for adding this perspective and comment!
In France, by law all your credits (house, car, ...) can't exceed a certain % of your salary, but many credit business "forget" to check that ! Then yes some people are catch. in the debts spiral.
@@brigittelacour5055 35 % maximum of your income ... but , yep , some credit agencies will cheat on your income to push the credit line on you.
There's a last " garde-fous " in France = % interest Rate can't exceed le " taux d'usure " by law.
@@brigittelacour5055 30 % ou 33 % de mémoire.
As a former Equifax employee I understand the debt on credit in USA. Gladly happy 22 years in France lol !!!
Oui ... Je confirme ... J'ai horreur des dettes !! ...je n'en ai aucune !! ... Je préfère attendre et économiser pour m'acheter quelque chose que de faire un crédit ... La seule chose pour laquelle c'est obligatoire pour la plupart des français, c'est si ils veulent devenir proprietaire ... Et dans ce cas, il faut prouver votre solvabilité ... En france, il existe un barème qui s'appelle, le taux d'endettement, c'est ce barème qui détermine votre solvabilité .... Et il y a aussi votre âge, bien entendu ... Et il est interdit aux organismes bancaires d'accorder des crédit a des gens insolvables ... Certains contournent cette loi en trichant sur le montant réel de leurs revenus ... A leurs risques ... Car en cas de défaut de paiement, la maison ou les objets seront saisis mais en plus, ils devront continuer à payer le reliquat entre le prix de l'objet ou de la maison vendu aux enchères et le montant total de l'emprunt qu'ils ont contractés ... Ou ils devront anticiper et vendre par eux même, leur bien au meilleur prix ... Pour couvrir leur dette ...🤔🤔
I'm french and really enjoy your vidéos. healthcare of the french system is rather a good system. However it's better to subscribe a "mutuelle" to cover expanses that are not taken care by the Healthcare french Social Security. For exemple: if you need to be hospitalised some of the charges still charged and not re imbursed . Therefore the Mutuelle's suscriptions are not as expensive as it could be it the USA. Can go from 50 to 160 euros per month (average) and covers many things. It's covering some of the Dental, ophtamilogist, extra costs at the hôpital. etc.
There are also credit cards in France, very much like the ones we use here in the US, but they are far less commonly used.
I wished you did more videos where you actually visit the country, see the markets, villages, landscape...
Hi there!! Thank you for this video. Gracias, amigos.
Do this for french people in the future , and in French language 😁 ,to explain to french people , who complains so much , or who Dreams about USA way of life , how lucky they are 😁
@@JeanlucPerez-u3g The dream is to live in France while keeping your professional activity in the US, thus benefiting from a much higher salary. That’s the real lesson. You take advantage of both sides and live in the country where the cost of living is lower. Nothing to criticize, but it’s not comparable to the life of the locals…
Nice video and knowledgeable , i use to travel in the US for business but US is now like Switzerland , very high cost country
In Miami , 45 $ a breakfast not really fancy , I asked for a fresh orange juice and the server brought another 15 $ bill
Amazing !!!
Uber was affordable but apart this …
I have seen that average income for a household is 100 k$ a year which is not case in France but with those kind of costs . You need this even more to be equal with France
France is an exception on credit registration. Many other European countries have organizations that register credit, like BKR in the Netherlands and Schufa in Germany. There's even a National Credit Register in Europe. Here in the Netherlands, we don't have a visible 'credit score' but every 'non-cash' purge is checked with the BKR and could be denied. (monthly payments for phones, cars etc) Credit cards are normally not a product of banks; sometimes, they have co-branded cards and mostly debit cards or with a very small credit 'space'. You can always apply directly with VISA, Mastercard, or American Express. My experience in the USA is that many people max out one or more credit cards to a point where what they earn is enough to pay the monthly interest. (18-30%) Any change in that balance could mean a personal disaster. Here in Europe, people live more to 'life within your means' and safe for emergencies.
How did you get that 40% number tho ? Because you can double French salaries to know what the company actually pays, a lot gets taken out automatically (no opting out) for retirement, healthcare, unemployment insurance, etc.... Which isn't considered "incomes" (no tax). Someone earning 40K before taxes in France is actually being payed 80k by the company. Something everyone seems to be forgetting when comparing to the US, French included !
On another note there is a commonly held principle in France that the only loan you should ever take is a mortgage. We do have things like revolving credits, etc... But they are seen as something for the financially illiterate. Even car loans are frowned upon in most case....
You are right, even car loans are frowned upon. I have taken one anyway as I managed to pay 0.5% interest rate (as it is an EV) even if I could pay the car cash. It is better to have a 0.5% loan and use my cash to buy ETF on my PEA.
Regarding the healthcare system, you’re overlooking some very important information. In France, healthcare is primarily funded through employer and employee contributions. To explain, an employer pays you a gross salary, and from that gross, around 20% is deducted (these are the contributions), which gives you the net salary. These deductions cover healthcare, among other things. Additionally, in France, besides the gross salary your employer pays you, they also pay extra charges on top of your salary. A significant portion (about 30%, if I recall correctly) of these employer contributions goes towards healthcare. This is one of the reasons why salaries in France are lower compared to the US-the employer contributions are very high. If these were reduced, salaries would be higher.
In short, every employee pays several hundred dollars a month for healthcare, directly or indirectly (and with an average salary, that’s quickly around 500 euros a month going into healthcare instead of your pocket). Since it’s an individual contribution, if both partners in a household are working, they each contribute, and it can become a hefty bill for some families. So, yes, we pay for our healthcare in France, and for some, it’s quite a lot! And I don’t even talk about mutuel which is more and more an obligation !
As for the US, the cost is, of course, significant, but when you compare it to salaries, it’s not as outrageous as it seems. It’s also important to note that each employer offers different healthcare plans with varying benefits. Personally, I pay $400 a month for a family of four, with a $1,200 deductible, 80/20 coverage, and an out-of-pocket maximum of $8,000. It’s worth noting that you rarely reach the out-of-pocket maximum unless you have a particularly bad year. Also, many preventive visits, like annual check-ups, dental cleanings, etc., are covered under the premium (this year I had a colonoscopy fully covered as well).
When it comes to healthcare in the US, you also need to understand the system and plan ahead. Every month, we set aside money into an HSA (Health Savings Account), which will cover unexpected expenses. Some years we’ve contributed less, other years more, but now we have a substantial amount saved, so even if we hit the out-of-pocket maximum, it’s not a problem-it’s been planned for. Healthcare is a priority, and once again, it’s a personal choice.
And I’m not even mentioning the quality of care, which, where I’ve lived, has been very high compared to France. In France, if you need to go to the hospital or the emergency room, the quality of care can sometimes be disastrous…
This is absolutely a massive discussion around healthcare, but the thing we wanted to point out in this particular video is that the way healthcare is paid for in France is much less likely to lead to unexpected huge lump sum bills that can force people into debt as can happen in the US, even if you're lucky enough to have medical insurance.
@@BaguetteBound I understand, and of course, you’re not wrong, but on the other hand, social contributions in France are so high and salaries so low that even a few dozen euros of out-of-pocket expenses can be very difficult to pay. Private health insurance, which is increasingly mandatory, is expensive, and many struggle to afford it. So yes, in France, we may have less debt when things go wrong because the system is more protective, that’s true. But at the same time, opportunities to bounce back are fewer, and in the end, it’s just as hard to put food on the table and live decently.
I’m not saying the American healthcare system is good-it’s not, it’s highly unequal. However, the French healthcare system is far from as good as you think. The proof is that for more than 20 years, everyone has agreed that it’s not doing well. The system is hanging by a thread, finances are at an all-time low, we’re lacking staff and equipment, and the quality of care is getting worse. Hospitals are closing, there are fewer and fewer doctors… The French healthcare system is no longer viable today and won’t last much longer in its current state. It was a good system at the beginning, but it has deteriorated, and now it’s close to collapsing. In a few weeks, major strikes will take place in France, yet another social crisis will emerge, and it’s always the same issue-public finances and, in particular, the funding of the French social systems…
There are interesting videos comparing the two systems and concluding that overall, the healthcare in France is less expensive and more efficient than in the US. In particular, people in France are cared more regularly and preventively, meaning that they do not wait before their state of health get worse.
@@mastochabou62 I’m not sure when your videos were made or how reliable they are, but honestly, if you’re telling me that preventive medicine works in France, we must have lived in different countries. Are you talking about the country where 11% of the population can’t find a “généraliste”(over 5 million people)? I’ll take my own example: colon cancer is unfortunately common in my family. In the US, despite having no symptoms but with a family history, at 45 I had my colonoscopy fully covered by my insurance, and fortunately for me, because I received some very bad news. Luckily, it was caught early, so I avoided a catastrophe. Of course, my specialist told me to warn my relatives to do the same, which in my case are my sister and father who live in France. They went to see their respective general practitioners, and the response they got was, ‘No need to worry, no symptoms, no need for a colonoscopy.’ (Really?? Knowing that when symptoms appear, it’s often too late…)
In short, preventive care in France is a disaster. Here, I see a dermatologist every year, covered for skin checks, and in France? Oh yes, first you have to find a dermatologist, and they’re all moving into “chirurgie esthétique” because it pays better…
@@mastochabou62 Il y a un “Zone interdite” datant d environ 2 semaines (écrans, sommeil, anxiété : nos ados en danger !), qui traite de la psychiatrie en France (chez les jeunes), ça donne une idée du niveau de notre système de santé…la prévention ? Je sais pas où…
Great video, sad how young Americans get riddled with CC debt with high interest. It happened to a close family member when they left for college.
I got riddled with a $30k+ student loan debt then bought a $30k vehicle when I had no money after graduating. Starting my career with $60k+ debt 10 years ago, nice!
Luckily I was able to be super frugal to get out of debt in about 3 years and kept the same frugality for the next 7 so now we can do a sabbatical in Europe with our young one. Good for finances? No. Best earning years? Maybe. Best living years? Definitely!
Maybe that is the purpose of college - to train a person how to pay off huge amounts of debt. ;-)
We had additional sections on education and transportation debt and the video was getting so long it was turing into a documentary. 😂 So we had to edit. But it frustrates me because exactly the senerio you're describing is so common in the US. It's just how things are set up.
Great video as always. Very interesting to learn about this debt culture in the US. Very different as you said from what we are used to in France.
I would like to make a clarification though. If I'm not mistaken, credit cards like the ones you have in the US do exist in France. They're not the main payment mean banks offer but you can find many companies providing them (for example, the "Carte PASS" from Carrefour). Generally these credit cards allow you to choose either a direct payment in full or a credit payment that you reimburse monthly with interests. And, indeed, as you said in the video, banks generally offer debit cards instead, but not all of them are "delayed debit" cards. I think most of them are in fact "immediate debit" and you have to opt in for delayed debits.
we don't have college debt in France.. I just payed 300 euros per year during my Law studies in the University
Simply, the healthcare debt doesn't exist in France, the prices are reimbursed and chirurgical operations are free (well, taxes deduces from your salary).
Perhaps yet French gvt is putting France at a critical level of debt and sucks the last penny of all its citizens.
Some really interesting points. I also see this in the UK. Everyone needs to have the latest car and the newest iPhone. It’s really messed up.
Merci pour la vidéo
Credit cards associated with opened revolving credits do exist in France, but there are less current. They can be proposed by your own bank.There are also proposed by specialized such as Sofinco, cetelem,..). Most of overindebted people in France have generally had taken that type of credit. So most of aware French people have recourse to this type of credit on a punctual basis and try to refund their cred as soon as possible as interest rates are very high: 18 to 20 %
I just signed upbto work with a mindset coach due to my fear of selling my home while planning to move to France.
Your video helped me tremendously toward my ties to something, as you say the bank owns and not me. 😊
Good points. A big difference when it comes to housing debt is that mortgages are very unusual in France. When you buy a home, you take a regular loan that is not backed by an asset. Of course, in practice the bank will still end up forcing the sale of your house if you cannot repay the loan. But that still makes a big difference: the loan on your home is meant to be repaid in full in 20 to 30 years (as opposed to only paying interests and jumping from one mortgage to the next), and since the loan on your home is not a mortgage, you cannot release equity/borrow more when the value of your house has increased. This means that you are not pushed to take on financial leverage and roll debt during your entire life.
On a more systemic level though, I tend to like the American approach. The appetite of Americans for debt and financial leverage also reflects certain priorities (less aversion to risk, a higher dose of optimism, a more forward-looking mindset... - these are not bad things, they also make for a more mobile, dynamic society).
C'est vrai, la carte de crédit française ne donne pas accès à un vrai crédit. Cependant on peut demander un crédit "revolving". Je crois qu'on peut obtenir très facilement un crédit de 5000€ par exemple. No questions asked.
Raina I have to say that French life suits you, you are glowing 😊 Also V-necks suit you much better than the "cols ronds" (forgot the English word) you usually wear, I feel like telling you that every time you wear a col rond 😁 I don't watch all your videos btw but enjoy the ones I watch.
Thanks for the very informative video. Do you know if in France, as in U.S., homes can be purchased privately (since everything in US finds its way on the Internet) such as buying as an LLC rather than an individual? Or is purchasing a home in France already a private process, meaning that your property isn’t listed openly for public consumption with info such as owner’s name, address and amount home was bought/sold for. (I find it outrageous and a major invasion of privacy, not to mention can be dangerous that that information is readily available on the Internet about US home owners just by just Googling their name.)
Perhaps that could be a topic for one of your videos?
Bonjour, la seule chose qui sera rendue publique en France sera le nom des propriétaires et rien d'autre, mais ces propriétaires peuvent être une société commerciale ou non, SARL, SCI ...
I think that "owning your house" is also very American because of the strong notion of private property (the house is the Castle and Fortress...). In addition in France, there is rental assistance (APL) which means that going into debt to buy a house is often less profitable than continuing to save money and rent for few years.
Have an ever bigger house : We see almost the opposite among the French, when you retire you leave the large house in the peri-urban suburbs to take an apartment in the city center.
+ I don't know if you know but we have an expression in France which says "les bons comptes font les bons amis". It's an expression that we all know which implies paying off debts quickly (few days) . We don't like debt (that's why Napoleon sold Louisiana to the USA).
Lol, my French friend said this to me recently when I kept forgetting to tell her how much she owed me for a train ticket. It feels true.
@@BaguetteBound
This is the typical situation. And we've been practicing this "philosophy" since we were 15-18 years old, if a friend buys you anything (a drink in a bar, a cinema ticket or something else). Because we saw it from our parents and all the other adults. We heard our grandmothers tell a gossip-story and say the expression.
It's completely integrated into the mentality.
We also have these credit cards in France but its not really appreciated by " wise" people. In France , we save a lot.
I don't know if it exist like in France but when you buy something on a web central shopping you can choice payment in 3 or 4 (free the most of time) or even 10 times (with few interest to pay with for this last one). There are also private credit organisms but it's most drastic than in America in term of eligibility to access to them.
Its the same and sometimes no interest (as in Canada ans US for some stuff)
@@NilSanyas Ok, thanks for the info.
Yes often you can buy something by 4 times without fees, in stores like Darty Fnac Boulanger, sometimes even 6 times without fees, home appliances, data appliances
Havn't used a credit card in the UK for decades, so had to get one specially when I went to the US.
Hi guys,
As a french citizen, it's always interresting to know what's happening elsewhere, especially in the us concerning debt and other stuff
COnsidering the credit cards, many supermarket propose their own credit card with a similar function as in the us. Personnaly, I prefer to buy in 3 or 4 payments free of charges when I order on the net (most of my furnitures, mainly with paypal)
Of course in France, our boss is not aware of our personnal debt (thank god for our privacy), but our banker yes (especially, when you want to buy a house)
When you want to buy a hourse or a flat, your banker will calculate your debt ratio, considering all your short and long term existing loans (furnitures, cars...), and your monthly expenses in general compared to your global famlily (couple) incomes
The maximum money the bank will give you wont orverpass a maximum 33% to 35% of debt on you incomes (to avoid people to get financialy strangled), and most of the time the banker will ask you a percentage of the value of the house in cash ('un apport' in french)
Have a nice week end
Fred
Thank you for adding this context and watching! 🙂
In the Netherlands we hardly use credit cards
At
All.
Only exception is when confirming a vacation b&b or rental … in France 😅, where a credit card is asked for when making the reservation .
House mortgages in NL are going through the roof though
There is a credit card in France: CETELEM. But this is somewhat of a niche (or at least this was, many years ago).
No VISA?
@@Maria-js9ou the "regular" credit cards provided by all banks are VISA. VISA itself does not provide any credit (even in the US): that is the job of the card issuer (i.e. the bank). VISA is mostly a broker that connects the client with its issuer bank. The terms that I use here might not be exact, but the main point is that VISA does not manage credit accounts). I do not know if the CETELEM card is a VISA, but I suspect it is: all French cards belong to the CB network, which is itself affiliated with VISA.
I love your outfit!
There is no general credit scores however be sure that you own bank has scored you based in the information they have
Only partially true. We are offered by financial institutions what are called revolving credit loans with 20% Interest.
I wonder how much of your viewers are french. I am.
Of youre uskng a credit card for food or fuel pr maintenance, and not paying off the balance means youre paying interest on consumea les and not durable goods.
Thats broken financial planning.
Credit cards should only be ised for large durable purchases.
My AMEX is paid off monthly. My credit union VISA CC has an interest rate of 12% (up from the initial 9%).
The balance was high due to medical debt. But a new job has excellent benefits so its being paid off.
I bope to be debt free in 6 months.
Perhaps it's also a question om how far the central government offers a positive role model!!
Sorry but we have credit cards, we actually have more and more credit cards in stores like carrefour, boulanger, ikea... and some bank card are both a debit and a credit card, for example i have the option to pay ''comptant'' meaning I will be debited at the beginning of next month or ''credit'' meaning I think I won't have money to pay for it this month so I'll reimburse the expense over several months (I chose my credit not to exceed 1000 euros because I don't want to have debts, but according to our monthly income I could have up to 5,000 euros in credit, maybe more, which I could pay back monthly (like 50 euros monthly for the credit i have right now) so it would take me years to reimburse it if I wanted to and the bank fees would be huge at the end
interesting video, but.... what if are not in debt, what is the credit score then ?
You don't have credit scores at all.
@@MrTomtomtest so that is a good thing ??
more opportunities in the land of opportunity. Opportunities to buy whatever you want with the money that isn't yours. The french live with little confort
You remind me of the channel @Type Ashton, formerly @The Black Forest Family. A family from the US who live with their 2 sons in the Black Forest in southern Germany, maybe you should take a look.
Lol, somehow this video felt different from our usual and I told Jason "we're making a Type Ashton topic video, where did this come from???". But the longer we live here, the more these big social differences come up.
I have a lot of respect for Type Ashton's videos, I would never compare our video to her work, but I'm taking it as a complement she came to your mind. 😉
Thanks for watch8ng and the comment!
You guys have great content but that insurance in the US is not good. I have good insurance - no deducatable and 5k max out of pocket. Granted, I want everyone to have access to my insurance. Universal would be much better.
I would not go to compare the Americans immediately with the French. First, let's compare them with Canadians. With the English-speaking provinces, to stay safe, and later if all goes well, with Quebec. And only after that you can look at France, without risking losing the very purpose of your own existence at spot.
Dommage que nous n'ayons plus les sous titres en français !
La traduction des commentaires nous aide à comprendre vos propos . . .
ca fonctionne pour moi et je peux choisir la traduction en français qui fonctionne très bien. Ils parlent des crédits aux usa qui endettent les américains.
Ca fonctionne aussi pour moi. Il faut mettre les sous titres et dans paramètres, "traduire automatiquement en français"
@@marieadriansen2925Exactement cela marche.
Credit score is a scam
Before watching, I can guess, USA -> the land of extremes. Okay, time to watch :)
Curieux vos chiffres : 58% des ménages français sont propriétaires de leur résidence principale
why ???
Oui, 58% sont les chiffres de l'INSEE.
Des ménages, cela veut dire des couples mariés ou pacsés. Cela ne veut pas dire 58% des français.
@@typical_snowflake au sens INSEE, un célibataire est aussi un ménage
@@typical_snowflake les célibataires sont aussi des ménages au sens INSEE. ainsi que les veufs et veuves. On peut donc dire sans problème que plus de 50% des français sont propriétaires
Why Americans are drowning in debt compared to the French:
Because in France the State provides for the needs of the citizen, and therefore assumes the debt in his place ! Free health care, free university and college, free retirement for some, state benefit for others, and for that, the State... borrows and crawls under the debt !
It 's because france has now 21 % civil servants compared to the activ population, it was 15 % in the 60's. The european average is around 15 %. We must lowers the % step by step for poeple working in the administration's office. Also macron has lowered the taxs since 2017 and it doesn"t balance the budget.
The new prime minister wants to lower civil servants not working with the public. we have at least 500 k or 1 million too many civil servants in france. It's a huge.
@@stephen10. Yes and these civil servants are there to provide for the citizen for free.
@@christianmartin8751 The main thing is that these civil servants should be useful in relation to their salary, which is not always the case in France. We must modernize with artificial intelligence to replace them and simplify everything. france could be a good country but it is bad managed since decades.
@@stephen10. Pefectly right, so much waste in the French administration...
French people may not have a credit score but the French state does have one and it is not good and gets worse every year...
Public debt (state and Social Security) is currently a very hot political subject.
La dette publique française est 20 fois inférieure qu'aux USA pour une population de seulement cinq fois inférieure, tout est relatif ....
French national credit score is very good what are you talking about ?
By Standard & Poor's ranking France is 18th, USA 17th over 195 countries...
@@elsenm3965 Yes but French people still freaks out about this public debt which is still too high. People don't like debt and even less a public debt. If you don't have personal debt but a public debt, you still have a personal debt as you will have to pay this debt through taxes.
If Trump is elected, I am afraid lots of Americans will want to flee to Europe or Canada out of desperation. Of course we'll welcome you but it will mean disaster for the world.
If Trump is elected, it will be disaster for the world whether or not we flee the country. Thank you for your welcoming nature!
Oh really?
@@isabellep8995 That's what I have heard.
Of course. We don’t want to live under fascism.
Elon Musk and Russia hide behind Trump
« Carte à débit différé » c’est le nom pour ce genre de carte qui débitent en fin de mois.
Mais la plupart des gens ont des cartes bleues classiques à débit immédiat avec une autorisation de découvert, juste au cas où.
Yes, that's the kind we have had for years at LCL.