Equities

Reuters analysis: Indebted Chinese seek wisdom of credit card 'goddesses' as retail lending surges

Reuters analysis: Indebted Chinese seek wisdom of credit card 'goddesses' as retail lending surges

Reuters revealed how lectures on the ins and outs of getting credit cards, rolling over debts with multiple cards and cleaning up one’s bad credit history are gaining popularity in China among desperate borrowers as a slowing economy hurts the ability of some to pay their dues. A surge in consumer lending has been accompanied by a rise in bad debts, with credit card delinquencies up 19 percent to 79 billion yuan ($11.7 billion) last year, 10 times the level in 2010, central bank data shows.