{"id":10942,"date":"2020-12-26T11:48:50","date_gmt":"2020-12-26T03:48:50","guid":{"rendered":"http:\/\/www.whatchina.cn\/?p=10942"},"modified":"2020-12-26T11:48:50","modified_gmt":"2020-12-26T03:48:50","slug":"chinas-post-90s-per-capita-debt-exceeds-120000","status":"publish","type":"post","link":"https:\/\/www.whatchina.cn\/chinas-post-90s-per-capita-debt-exceeds-120000.html","title":{"rendered":"China&#8217;s Post-90s Per Capita Debt Exceeds 120,000"},"content":{"rendered":"<div class=\"37c28470d9d6d3cb9ff74e663adb766a\" data-index=\"2\" style=\"float: none; margin:0px 0 0px 0; text-align:center;\">\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3594734025006597\"\r\n     crossorigin=\"anonymous\"><\/script>\n<\/div>\n<p>The bald head, the broken stomach, the nights passed, the loans that have been naked, the face that has been undergone treatment&#8230; In the past few years, the post-90s generation has been on the cusp of public opinion. How many people live brightly and lively while living. Not as good as a dog&#8217;s life.<br \/>\nLife is stressful and I can&#8217;t afford a house. I can always buy a bag I like, the latest mobile phone, and the latest shoes. The house is rented, but life is your own. In short, you must have the most exquisite life, and the quality of life cannot be lost&#8230;<br \/>\n&#8220;Dare to consume, dare to borrow&#8221; is the consumption concept of this generation of young people.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-flat ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.whatchina.cn\/chinas-post-90s-per-capita-debt-exceeds-120000.html\/#01_In_this_era_there_are_far_more_people_who_want_to_lend_you_money_than_imagined\" title=\"01. In this era, there are far more people who want to lend you money than imagined\">01. In this era, there are far more people who want to lend you money than imagined<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.whatchina.cn\/chinas-post-90s-per-capita-debt-exceeds-120000.html\/#02_The_premise_of_%E2%80%9Cgiving_yourself_the_best%E2%80%9D_is_within_your_own_abilities\" title=\"02. The premise of &#8220;giving yourself the best&#8221; is within your own abilities\">02. The premise of &#8220;giving yourself the best&#8221; is within your own abilities<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.whatchina.cn\/chinas-post-90s-per-capita-debt-exceeds-120000.html\/#03_How_serious_are_the_consequences_of_overdue_credit\" title=\"03. How serious are the consequences of overdue credit?\">03. How serious are the consequences of overdue credit?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.whatchina.cn\/chinas-post-90s-per-capita-debt-exceeds-120000.html\/#04_Conclusion\" title=\"04. Conclusion\">04. Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"01_In_this_era_there_are_far_more_people_who_want_to_lend_you_money_than_imagined\"><\/span><strong>01. In this era, there are far more people who want to lend you money than imagined<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On Douban, there is a &#8220;Debt Alliance&#8221; group of nearly 30,000 people.<br \/>\nBecause of uncontrolled consumption, online gambling, etc., this group gathered 27,942 young people with online loans. Most of them are post-90s and college students who have recently graduated.<br \/>\nMost of these young people are tearing down the east wall to make up for the west wall and maintaining the situation of &#8220;financing loans with loans&#8221;. Some people even bear the debts of more than a dozen online lending platforms. The total debt after combining different platforms and profiting is close to Reached one million yuan, and eventually fell into a quagmire, unable to extricate itself.<br \/>\nAccording to Nielsen\u2019s &#8220;Report on China\u2019s Youth Indebtedness&#8221;, 86.6% of young people in China are using credit products, and their debt ratio is 47.75%, of which only 13.4% of young people have zero debt. Excluding the &#8220;payment instrument&#8221; part, nearly 60% of post-90s have substantial debt, which is higher than other young people.<br \/>\nThere are beauty loans for beauty, travel loans for travel, and study loans for study. Whether it&#8217;s shopping, beauty, takeaway, travel, or studying, consumer loans have already penetrated all aspects of life and are inducing you to pay in installments.<br \/>\nAccording to the latest display from Huo Bank, as of the end of June 2020, there were 7,333 small loan companies nationwide with a loan balance of 884.1 billion yuan.<br \/>\nIn this era, there are far more people who want to lend you money than imagined.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"02_The_premise_of_%E2%80%9Cgiving_yourself_the_best%E2%80%9D_is_within_your_own_abilities\"><\/span><strong>02. The premise of &#8220;giving yourself the best&#8221; is within your own abilities<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There is such a short story about a Chinese old man and an American old man:<br \/>\nThe old Chinese saved a lifetime of money and finally bought and moved into a new house in his later years. Old Americans, on the other hand, bought a new house with a loan when they were young, lived in a house for a lifetime, and finally paid off the loan in his later years.<br \/>\nThis story reflects the conservative consumption outlook of the Chinese people, but decades have passed, and the situation has changed drastically. Statistics have found that at the beginning of this century, the national savings rate was 55%, while the current savings rate has dropped rapidly to 45. %, residents have a debt of 200 trillion yuan.<br \/>\nIncome is not enough to support consumer spending, which is the real life situation of most young people now, but even so, it does not affect buying. So what caused such a big change in consumption outlook?<br \/>\n<strong>1. The rapid development of Internet technology has brought an endless stream of microfinance products<\/strong><br \/>\nHow much can an ordinary person borrow with a mobile phone number and an ID card?<br \/>\nThe answer is at least 350,000 yuan.<br \/>\nIn addition, many platforms can now pay in installments. After the installment, it seems that there is not much money, but the accumulation of less can make more, and it may be a lot of money together.<br \/>\n<strong>2. The influence of western consumer thinking<\/strong><br \/>\nWe all know that the consumption concepts of many western countries are advanced consumption. Under the influence of global economic integration, with the development of China&#8217;s opening to the outside world, the consumption habits of Chinese people are affected by Western thinking, and people are increasingly inclined to borrow money, etc. Way to meet current consumer demand.<br \/>\n<strong>3. Rapid economic development<\/strong><br \/>\nThe growth of the post-90s and post-00s just enjoyed the benefits of the rise of the country\u2019s economy, their material conditions are getting better and better, and their quality of life is gradually improving. However, since they have just started working soon and their income levels are generally low, they are more willing to spend ahead.<br \/>\n<strong>4. Advertising and marketing<\/strong><br \/>\n&#8220;Don&#8217;t be at the best age, eat thief fat, wear thief ugly, take your own life cheap, and be happy in the beauty of your mobile phone.&#8221;<br \/>\n&#8220;No girl will become poor because of buying and buying, especially beautiful girls!&#8221;<br \/>\n&#8220;A smart woman, willing to spend money for herself.&#8221;<br \/>\n&#8220;The rich are all highly indebted, and they live with other people&#8217;s money.&#8221;<br \/>\nVarious advertisements frequently appear in front of young people like brainwashing, inexplicably affecting this generation of young people.<br \/>\nMarketing is adjusting the standard of happiness higher and higher.<br \/>\n&#8220;Give yourself the best within your ability&#8221;, young people often remember the latter, but ignore the importance of their ability.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"03_How_serious_are_the_consequences_of_overdue_credit\"><\/span><strong>03. How serious are the consequences of overdue credit? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>According to data released by the Central Bank, as of the end of September 2019, the number of credit and loan-in-one cards in use totaled 734 million, a month-on-month increase of 3.25%. At the same time, after giving mortgages to young people, banks also experienced large-scale credit overdue.<br \/>\nAs of the end of June 2019, my country&#8217;s credit card consumption alone has seen a default amount of 8 billion yuan, not to mention financial institutions and online lending platforms with lower audit thresholds.<br \/>\nAccording to relevant data released by Huifei Bank, the debt-to-income ratio of the post-90s generation reached 1850%, and the per capita debt owed by the post-90s to credit card issuers and various lending institutions has exceeded 120,000 yuan.<br \/>\nSo what are the consequences of overdue credit?<br \/>\n<strong>1. Overdue affects personal credit, and bad credit affects children\u2019s enrollment<\/strong><br \/>\nOn May 11, a piece of news that \u201cthe child of the person who was guilty of failure in Guiyang could not go to school?\u201d was spread widely.<br \/>\nAccording to a teacher in a private school in Guiyang, he did receive a notice from the Guiyang City Education Bureau requesting to collect the detailed information of the parents of the transfer freshmen, the first and second grades of the school, so that they can be viewed on a website provided by the Education Bureau. Of credit. If one of the parents is listed as a dishonest person, the student cannot be registered for the student.<br \/>\nAccording to the relevant staff of the Basic Education Division of the Guiyang Education Bureau, relevant notices have indeed been issued.<br \/>\n<strong>2. The bank mortgage loan cannot be processed due to overdue, and the deposit of 20,000 is lost.<\/strong><br \/>\nOn October 1, 2017, the plaintiff Zhou and the defendant Yuanmou a developer booked a set of shops. Subsequently, the plaintiff Zhou and the defendant signed a &#8220;Subscription Agreement&#8221;, agreeing on the total price of the shop subscription, as well as the deposit and mortgage payment. The way deadline and breach of contract.<br \/>\nOn October 1, 2017, Zhou paid a deposit of 20,000 yuan and then made a down payment of 100,000 yuan on November 7.<br \/>\nHowever, due to personal credit issues (the plaintiff\u2019s bank credit card was overdue for 25 months in the last five years, of which 16 months were overdue for more than 90 days), the bank mortgage loan could not be processed, and the plaintiff suggested to the defendant that it was unable to obtain the loan. For the purchase of a house, the defendant was required to return the 120,000 yuan sincerity money paid to the defendant and to cancel the commercial house sales contract signed with the defendant. The defendant did not agree to refund and terminate the contract, and the two parties had a dispute over this.<br \/>\nAfter the trial, the court ruled to cancel the &#8220;Subscription Agreement&#8221; signed between the plaintiff Zhou and the defendant; the defendant returned the purchase price of 100,000 yuan to Zhou. The court did not support the plaintiff&#8217;s request for the refund of the 20,000 yuan deposit.<br \/>\n<strong>3. Sentenced for two years and fined 30,000 yuan for failing to pay back the deadline<\/strong><br \/>\nXiao Li applied for a special car installment credit card at a bank in Lijiang, the amount was 410,000 yuan, of which the special installment amount was 400,000 yuan, which needs to be paid off in 36 installments, and the ordinary credit line was 10,000 yuan, which was repaid according to the bill time.<br \/>\nSince February 2014, Xiao Li has been overdue. After waiting for a year without any results, the bank issued two collection notices to Xiao Li in February and May 2015.<br \/>\nAfter Xiao Li received the notice, he still did not repay the loan. The bank contacted him again through letters, announcements, etc., but Xiao Li still did not return the amount of overdraft he had overdrawn for more than three months, and without informing the bank staff, Fleeing after changing the contact information.<br \/>\nAs of June 2017, Xiao Li maliciously overdrafted RMB 267,168.60 in RMB principal with his credit card.<br \/>\nIn the end, Xiao Li was arrested in accordance with the law on suspicion of credit card fraud, and the people&#8217;s court judged that his behavior constituted a credit card fraud crime. He was sentenced to two years in prison and fined 30,000 yuan.<br \/>\nOverdue credit will not only harm you, but also your family.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"04_Conclusion\"><\/span><strong>04. Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>French sociologist Baudrillard discussed the logic of national consumption in his book &#8220;Consumer Society&#8221;: &#8220;What people consume is not the use value of goods and services, but their symbolic meaning.&#8221;<br \/>\nMany people do not consume because of need, but because they want to buy, buy, buy, anyway, I am still young, young is the capital of consumption.<br \/>\nHow many young people have &#8220;young is capital&#8221; deceived? Overdrawing one&#8217;s own future and satisfying the desires of the moment will only end up with debts, and life will be a feather.<br \/>\nAs most ordinary people, you should live within your means and spend as much money as you can earn.<\/p>\n<div class=\"37c28470d9d6d3cb9ff74e663adb766a\" data-index=\"2\" style=\"float: none; margin:0px 0 0px 0; text-align:center;\">\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3594734025006597\"\r\n     crossorigin=\"anonymous\"><\/script>\n<\/div>\n\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>The bald head, the broken stomach, the nights passed, the loans that have been naked,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[272],"tags":[],"class_list":["post-10942","post","type-post","status-publish","format-standard","hentry","category-today"],"_links":{"self":[{"href":"https:\/\/www.whatchina.cn\/wp-json\/wp\/v2\/posts\/10942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.whatchina.cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whatchina.cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whatchina.cn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whatchina.cn\/wp-json\/wp\/v2\/comments?post=10942"}],"version-history":[{"count":0,"href":"https:\/\/www.whatchina.cn\/wp-json\/wp\/v2\/posts\/10942\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.whatchina.cn\/wp-json\/wp\/v2\/media?parent=10942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whatchina.cn\/wp-json\/wp\/v2\/categories?post=10942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whatchina.cn\/wp-json\/wp\/v2\/tags?post=10942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}