Struggling to find well-paid work after arriving in Shanghai as a graduate from a middle-ranked Chinese university, Tom Wang turned to another source to fund his spending: credit cards.
“Using credit cards did not feel like spending money, and the debt grew and grew,” said the 26-year-old, whose starting salary of Rmb3,000 ($470) a month could not cover rent and the consumption habits he called “irrational”, such as buying the latest smartphone.
To cover repayments and keep spending, Mr Wang took on more debt — borrowing Rmb60,000 over four credit cards — before turning to online lenders for a further Rmb70,000. Interest payments “snowballed” to Rmb1,500 a month, he said.
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