[nradov]

In the dark ages most people couldn't get credit at all, and you didn't get a second chance if you died from the plague.

Concerns about bad credit ratings are largely overblown. There are plenty of people who have filed bankruptcy and then within 2-3 years had brought their credit ratings back up enough to obtain mortgage loans at reasonable rates. Lenders need to lend in order to stay in business, and since so many consumers have had credit problems recently you can expect to see lending standards for credit scores loosened in the coming years.

[jacquesm]

The whole 'credit ratings' thing is uniquely North American anyway.

It's only because you let it happen, in most other countries a bureau that keeps that kind of privacy sensitive information on individuals would be against the law.

[DrJokepu]

Credit ratings are just as prevalent in England as in North America. They are less heavily used in other countries but most countries have some sort of inter-bank debtor black list.

[maigret]

Yep - for example Germany has, it's called "Schufa" http://de.wikipedia.org/wiki/Schufa