A record 8.5 million Chinese borrowers are now blacklisted for not paying their debts, a report says. They're feeling the same financial pressures as Americans.
www.businessinsider.com
Chinese consumers are defaulting on their credit cards, mortgages, and other debts in droves. Americans are also feeling financial pressures today.
  • BitingChaos@lemmy.worldEnglish
    221·
    2 years ago

    Punishing the poor and making things harder for them to dig out of their situation is certainly for the best!

    • foggy@lemmy.worldEnglish
      1·
      2 years ago

      You didn’t think they would level the playing field before trying enslavement, did ya?

  • ChrisLicht@lemm.eeEnglish
    101·
    2 years ago

    Historically, American millionaires had a much higher rate of prior bankruptcies than the general population. A good way to squelch entrepreneurship is to make failure so onerous that it’s not worth the risk.