Too good to miss this one:
There are now three credit cards for every Chinese mainlander.
I believe in the need for credit, but I also believe in the control of credit. This looks out of control.
There’s a lot of potential for this to end in tears.
Not sure you are reading that right.
I see number of credit cards to be about 200 m units, so 1 in 6 mainlanders has a cc.
For debit cards then yes it’s 3 for 1
I am quoting the FT
Ten times more of them are debit cards than credit cards (3.8bn compared with 391m), but credit card issuance also rose by 19 per cent in 2013, and Euromonitor predicts credit card usage will grow faster than that of other cards over the next five years.
We all make errors of course but the refusal to even check when one is drawn to attention is what so impresses.