No, they wouldn't. If the credit card company is a private business then they'd be allowed to do what they want according to libertarians.
In a libertarian utopia, I'd expect debt would be greatly minimized because special companies wouldn't be given the magical ability to create the common currency our of thin air OR there would be a variety of competing currencies and if companies magically created their own currency out of thin air it'd end up not used as much as one that better holds its value.
Not just central banks can print money -- normal banks magic money into existence through virtually unbacked debt and while fractional reserve banking may exist it would be a much higher risk endeavor subject to routine bank runs because people could and would demand their money back and the fraud that is the bank could not return it.
It's entirely possible and probable that people using a currency without magagovernments backing them would demand something backed by something of value or otherwise protected by devaluation caused by magical money printing.
Banking and debt is so deeply entrenched with the state at this point, I don't think we can correctly conceive of just how different things would look without it all. I doubt credit cards would even be a thing.
In the current system, a credit card represents money that was spent and magically spawned into existence so if you have $50,000 in credit card debt that's a you problem unless and until you go bankrupt. If they had to back it up if someone came looking for that money, they wouldn't possibly want to so cavalierly lend random amounts to random people for random purposes.
Not just central banks can print money -- normal banks magic money into existence through virtually unbacked debt and while fractional reserve banking may exist it would be a much higher risk endeavor subject to routine bank runs because people could and would demand their money back and the fraud that is the bank could not return it.
It's entirely possible and probable that people using a currency without magagovernments backing them would demand something backed by something of value or otherwise protected by devaluation caused by magical money printing.
Banking and debt is so deeply entrenched with the state at this point, I don't think we can correctly conceive of just how different things would look without it all. I doubt credit cards would even be a thing.
In the current system, a credit card represents money that was spent and magically spawned into existence so if you have $50,000 in credit card debt that's a you problem unless and until you go bankrupt. If they had to back it up if someone came looking for that money, they wouldn't possibly want to so cavalierly lend random amounts to random people for random purposes.
I mean, the US federal government was supposed to be the most strictly limited government on earth and look at it now. I think it proves you right. Hence why libertarianism can only be a platonic form of itself, it is immediately going to be sullied upon contact with the outside world.
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@cy If it's a voluntary agreement on the part of all parties involved then they pretty much do allow people to do whatever they want. For example, if you use a card network then you are considered to have implicitly agreed to their terms of service.