A shocking article out of China is bizarre enough but this comment on it takes the cake. A commenter says, “This is amazingly awesome, if we had that here in the US it would reduce crime and prevent all issues of excessive personal debt we have now in the US.” So what is the amazingly …
Question: Dear Steve, I recently moved back to the US after living in Hong Kong for several years. Got a personal loan and credit card loans from Citibank Hong Kong, Amex HK, and a local Chinese bank. Have left my accounts open and am currently making payments on loans per the agreements. These institutions have …
China Daily is reporting “Major consumer credit companies say they are highly confident about the growth potential of China’s consumer finance market, and plan to further expand their customer base in the mainland, mainly to those clients with middle and low incomes as well as rural residents. China’s consumer finance products target customers who are …
Shanghai Daily has a good story out today on the impact of rising consumer debt in China. With the adoption of a more automated credit scoring based lending system, Chinese lenders are exploding. “In November, Ping An Puhui attracted more than 500,000 new customers, taking its loan portfolio close to 25 billion yuan. About 70 …
According to Shanghai Daily, consumer debt is rolling out to middle and low-income earners in China and in my opinion this will just leave innocent people slaughtered by easy credit. Imagine living in a country where easy credit has never been available and then having your first taste of it. It will be like doing …
We hear so much in the press about how the U.S. is so indebted to China. But the U.S. is a world leader in the creation of one economic tool, debt. Typically what seems to happen is credit card marketing and products are created first in the U.S. and spread all around. From what I …
“Dear Steve, I am a UK national and recently left the UAE after working for 18 months, due to Emitarisation, which made my position incredibly unstable and other personal matters, leaving me with the prospect of imprisonment for none payment of debt. I left the country with debt in the Region of AED 600k, to …
Yesterday, President Obama and representatives from other Asia-Pacific Economic Cooperation (APEC) economies met to discuss consumer cross-border data privacy protection at a meeting in Honolulu, Hawaii. The meeting focused on the APEC Cross-Border Privacy Rules, a new initiative to harmonize safe data sharing across country borders and enhance the protection of consumer data that moves …
It isn’t a big shock to find out that the credit craze and panic is exploding around the world. The credit craze and panic works like this: Stage One: Craze – apply and get approved for credit and go crazy racking up the balance. Stage Two: Panic – after you’ve expended your credit resources you …
Wow. It looks like being in debt in the U.S. is a lot better than in China. Nobody is getting their legs sawn off here. Here is a story from China. The parents of an 18-year-old boy who committed suicide are suing for 760,000 yuan ($111,340) the man they say drove him to it. Father …