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Runaway borrowers the new face of China’s personal credit boom

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Runaway borrowers the new face of China’s personal credit boom

Runaway borrowers the new face of China’s personal credit boom

According to the nominal GDP which is $11.2 trillion China is the second largest economy of the world. Besides it’s the fastest growing one. China is the major manufacturer and exporter of goods. Still it also faces some problems. One of them is personal credit debts. 

Recently the country has experiences an online lending boom which encouraged a lot of so called subprime borrowers to take loans without thinking of high interest and delinquency penalties. As a result, attorneys are slammed with loads of complaints from the relatives of those who were too irresponsible to take cash advance, not pay it back and run away. And now their parents, or children, uncles and aunts are getting instant calls from debt collectors and breaking their heads how to solve this problem having not high income themselves. 
It could become a real threat to the social stability of China now since the last decade when millions of people got the chance to get a loan easily with just a click of a mouse. It happened due to Beijing’s permission to local authorities to license small dollar cash advance companies. Many businessmen viewed this sphere as a very profitable one and wanted to invest money in it, thus it developed very fast. There even appeared a special street called Microcredit Street for these companies. But now the majority of offices there are abandoned or closed. With the growth of online lending they became useless as not everyone has got a credit card but there’s hardly an adult without a smartphone nowadays. Online companies made it even easier and faster to apply for cash advance

The economy of China develops, as well as changes its culture. Being very economic and cautious earlier, the Chinese are turning into consumers with bigger spending appetite. As long as they get access to easy money, they are buying more and more, but earning the same. It mostly concerns the young, students, inexperienced white collar workers, workers in small cities and rural areas. They don’t think much of high interest and any consequences of microcredits. As a result the country gets millions of dollars loan debts, runaway borrowers, broken families and poor innocent relatives burdened with someone else’s headache.

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