Source: China Daily
“Enjoy today’s happiness using tomorrow’s money” is a slogan that has been deeply rooted in the heart of many young credit card holders. However, a recent survey found that some of them are worried about becoming card slaves, a term used to refer to people pay only the minimum amount against their credit card debt every month.

Conducted by China Youth Daily and www.sina.com, the survey collected roughly 1,800 ballots and found that 23.7 percent of them were worried about becoming slaves, borrowing money from one card company just to pay off the debt on another and always living on the edge of bankruptcy.

Following relentless promotions by banks in recent years, credit cards are now popular in several large cities in China. Holders have an average of more than two cards. The survey found that 35.8 percent of people have one credit card, 34.8 percent have two or three, and 20 percent have more than three. Although about 85 percent of people said they pay off their credit card debt every month, roughly 12 percent of people said they pay only the minimum balance, the survey found. Young people have become the mainstream of credit consumption. A credit card website - www.51credit.com - has more than 300,000 registered members, including many undergraduates and middle school students. The members’ average age is just 26.

“When paying for things with my credit cards I never think about how much I earn each month, only what is left of my credit line. My monthly salary often fails to cover my debts. Credit cards stimulate consumption, and help me to enjoy my life now and worry about my debts later. I bought my computer, mobile phone, iPod and other expensive items using my credit cards.” (Xia Xiaoxue, 24, an office employee).

Comment: So an increasing number of the Chinese population are falling into the same trap that many Americans have fallen into… and can’t get out of anymore. Debt for life. Slavery to the banking system to repay debts a dozen times over.