Although the spending and borrowing problems might be more serious in the United States than in most other countries, there is no obvious reason why payment cards should have more or qualitatively different adverse effects in the United States than they have elsewhere. Indeed, Part II suggests that the problem is not unique to the United States.

The comparative discussion that follows is central to explaining the United States card market. It shows that the early rise of the credit card in the United States has caused the United States to become overly dependent on a credit-dominant pattern of card use that is literally unparalleled in any other country. Without an understanding of the reasons why other countries have come to a different pattern, it is impossible to develop a coherent understanding of the card, its effects, and its resilience in the face of policy initiatives designed to shape its use.