If you want to use their system of credit and lending you better not do it. If you're independent and I going to exist and subsist without their money system, go ahead knock yourself out. Just understand it's going to be a lot harder than you think it is.
A friend's parents declared bankruptcy in the 1990s (due to the father secretly getting credit cards and racking up a lot of debt) and it didn't negatively impact them. Other than the secretive thing they never were big on credit cards etc., paying for things with saved money. I hear they've tightened things up since then so it might be harder to wipe out a big spending spree on credit cards these days.
To add to this, bankruptcies significantly impact your employability. Credit checks on potential hires are trivial to do, and nothing broadcasts "I'm a retarded thief" like a bankruptcy.
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