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As online credit platforms become more and more popular, online loans have become a kind of “lifestyle” for young people.
Saturday, 21 November 2020, 12:57 GMT
Although advanced consumption can bring some happiness, the convenience of online loan platforms often conceals the risks. Under the pressure of debt, more and more young people are being “killed” by online loans.
Young people ” killed ” by online loans
In April 2017, Megan, who was in arrears with hundreds of thousands of debts, lived in a friend’s apartment in downtown Guangzhou, and made a call with his father, hoping that he could help himself and pay some of the debt. After her father refused, Megan thought about the debt in her credit card, and felt that there was no hope in the future. In despair, she came to the 28th floor of the apartment without leaving any last words. She just wanted to jump and end her life. Looking down at the busy streets and pedestrians coming and going, Megan thought of his mother, “I think it’s not easy for my mother to give birth to me. I haven’t let her and I enjoy the warmth of the family, because I’m not reconciled to my own life. It’s all darkness and haze.”
The two in Megan’s mind had a painful contest. In the end, reason defeated emotion, and she went down the 28th floor.
Back in December 2015, Megan, who had worked for six years, didn’t want to look at other people’s faces at work every day. It happened that she met an entrepreneur Liu during a lecture on equity planning at Sun Yat-sen University. Under Liu’s repeated introductions, Megan decided to start a company with him and transferred all of his 150,000 savings to his designated account. In 2016, when grandma was seriously ill, Megan wanted to withdraw his shares to get back his savings. Only then did he discover that his money was not used for investment at all, but directly into a private account, and the so-called entrepreneurship was nothing more than one. A long-planned scam.
Beginning in January 2017, Megan, who lost his savings and had an unstable job, began to use credit cards to cash out. At first, he only cashed out the rent. Later, other living expenses began to rely on credit cards. “Look for a lawyer later, litigate, and spend money The money also comes from credit cards.”
The worst thing happened in 2018. After being cheated, Megan has been emotionally unstable and his personality has become more and more sensitive and suspicious. This change made her unable to get along with her colleagues normally in the workplace. “There have been many conflicts and the kind that does not let you go, people with a discerning eye can see that they want to drive me away.” After six months of accumulation of friction, Megan finally decided to resign in May 2018.
Having lost her source of income, she became more dependent on credit cards. After discovering that she was unable to repay in time, the number of cards opened gradually increased from three to six. “One card for one card”, two years after the East Wall was removed. The life of making up the Western Wall has caused Megan’s six credit cards to owe more than 300,000 debts.
”How many sets are missing, I can’t even figure out the following accounts, they are all text messages I read.” She recalled in the interview.
Beginning in the second half of 2018, Megan, who was unwilling to live in a muddle-headed life, made up his mind to work hard to repay the loan. She found a new job in a training organization, applied for public rental housing, kept living expenses such as meals and transportation to a minimum, and then allocated the amount and time of repayment for each card based on income to ensure that her credit was not damaged. From 2018 to now, Megan’s debt has only been more than 10,000 unpaid, and he has saved 30,000 in savings. “I will re-plan it later, such as the fixed deposit of fund treasury bonds. Buy it, after all, there is no debt, saving and investment will be more refined.”
Megan, who has experienced underestimation, hovered on the edge of suicide, and finally rebounded, is the strong and lucky part of China’s large debtors. But some people struggled in the quagmire of online loans and credit cards, and they did not find the right exit.
”I haven’t done anything bad in the past 20 years. The only thing I am sorry is my family. They have placed high expectations on me. I hate that I cannot fulfill my responsibilities to them, but I really can’t do it. I want to get out of it, I’m a bastard, I just hope to be a cow and a horse for you in the next life, I’m sorry.”
At the end of August 2019, after leaving these last words in the memo, the 23-year-old Xu Yang chose to jump off the 28th floor of a hotel-style apartment in Nanjing and ended his short life.
In the year before Xu Yang’s death, he had given him 36 loans totaling 72,000 yuan from 10 licensed financial institutions. By the time of his death, there were still more than 21,500 yuan loans that had not been paid off.
Xu Yang can choose to end his life, but the unpaid online loan cannot end. According to the “Daily Economic News” report, on the fourth day of Xu Yang’s death, Xu’s father had just sent his son’s ashes to a local temple for placement, and he received a debt collection call from an online lending platform. The cold machine sound repeated. “Xu Yang should pay more than 600 yuan a month.” Not only him, but Xu Yang’s mother, grandfather, and grandma all received debt collection calls one after another. The opposite machine repeated the debt collection process according to the procedure, and did not respond to their grief.
Although Xu Yang wrote in the memorandum’s suicide note that he chose to end his life because of depression, but every bit of life seems to indicate that the pressure of online loans may be the real reason for his suicide.
Before Xu Yang committed suicide, his parents had never received a debt collection call from an online loan platform. But in April 2019, he once sent a WeChat message to his father saying that he borrowed a campus loan and demolished the east wall in the school to make up the west wall. The pressure was too great and he really couldn’t pay it back. Please forgive me and help with the money Give it back. At that time, Xu’s father gave him more than 90,000 yuan, of which 80,000 yuan was paid off, and there was a platform of 11,000 yuan that could not be repaid because it was not due.
”He has too much self-esteem and thinks it is not easy for me and his mother to make money, so he is unwilling to let us help him repay his debts, and he doesn’t want people to know that he has borrowed too many campus loans, so he left his last words to say that he is depression. “Xu Yang’s father said in a report in the “Daily Economic News”.
How did online loans become the “new way of life” for young people
People like Megan and Xu Yang who are heavily in debt due to online loans and credit cards are not uncommon in life. In December last year, the Douban group “Debt Alliance” was established. In less than a year, more than 20,000 people have been gathered. The debts of the group members range from several thousand to tens of millions, and the reasons for their debts are also different: some people are defrauded by acquaintances, and they start to rely on online loans after losing their savings; some people fail to invest. Trying to rely on online loans to restore the broken chain of funds; some people are addicted to online gambling and borrow more than 100,000 yuan a day on the platform; some people just start by cashing out a few hundred yuan to play games, and accumulate more Tens of thousands of dollars were paid. Everyone uses different lending platforms. Some people use credit cards to cash out directly, some insist on using large platforms such as Alipay, JD.com, and Baidu, and some people devote themselves to small businesses such as “I Laidian” and “Banyan Loan”. platform.
All this faintly reveals the fact that the temptation of online loans seems to have infiltrated every corner of people’s lives, and the various types of loans are also “stray flowers and glamorous eyes”, allowing more and more people to step into this abyss .
Jialidai, which was recently exposed by the media, has spotted young girls working in night scenes, KTV and other places. They used their lack of social experience, large demand for money, and conducive control, to “low interest, no mortgage, and fast loan “Wait for the guise to lure young girls into borrowing. These girls don’t know that behind the seemingly attractive loans, there are a series of “fatal traps” such as taking nude photos, inflating the loan amount, signing yin and yang contracts, and charging high interest rates.
Once the borrower is unable to repay the loan in time, the “Beauty Loan” team will threaten to expose the nude photos to their family members and force these young girls to go to KTVs everywhere to sit on stage and repay the debt by selling their bodies. What’s more, the borrower will be forced to make repayments by donating eggs.
In addition to the appalling types of loans such as “Jialidai”, many advertisements and publicity that can be seen everywhere in life also invisibly encourage everyone to improve their living standards through loans and advanced consumption.
”For a family of three, no matter how careful you plan, your daughter’s birthday must be decent. The 37-year-old construction team leader uses flowers to celebrate his daughter’s birthday.”
”With this queen-size double bed, lying on it, the dream is bigger-a 22-year-old newcomer in the workplace uses Huabei to buy new furniture.”
Behind these seemingly affectionate advertisements, many netizens feel uncomfortable because they invisibly spread the value of “advanced consumption”. As Baudrillard mentioned in the “consumer society”: “The windows, advertising, production and trade names and trademarks play a major role here, and impose the same kind of collective spirit, …… they are a bunch of sense, mutual It implies more complex high-end products and makes consumers generate a series of more complex motivations.”
A series of advertisements and popular logic seem to be psychologically hypnotizing, suggesting, and manipulating people, and also making advanced consumption and borrowing an increasingly common thing in daily life. No cumbersome procedures, no complicated guarantees, all you need is to enter your identity information and password, you can easily get a good quota. Such a simple procedure makes people gradually forget the risks and crises hidden behind credit.
In 2019, Nielsen Market Research released a report on the status of consumer credit mainly for young Chinese (post-90s or post-95s). This report shows that the overall credit product penetration among young people in China has reached 86.6%, of which nearly half of the people is to use credit products as payment instruments, such as interest-free credit card to settle in within. But even after deducting the part used as a payment tool, Chinese young people still account for 44.5% of the total young people in debt.
In fact, in this “everything Jieke loan” era, liabilities are nothing minority burden, if you never use credit cards and spend chanting such consumer credit products, will likely become heterogeneous eyes of others.
Young people sucked into the “black hole” of online lending
Although most of the funds provided by Huabei are small amounts, it does not generate extremely high interest and risks like most online loan platforms, but for many people who are heavily indebted, Huabei is like a crack. Since then fell into the abyss. Unlike Megan’s occasional fraud, Peter’s experience of being caught in the quagmire of online loans probably represents more young debtors: At first, he just used credit cards to spend, and then began to use Huabei and borrowing to cash out to invest; The poor circulation of sub-funds began to become wrong, the investment income was not as good as expected, and the daily salary could not be repaid on time, so I had to borrow money from other platforms to repay. Ten thousand debts rolled into hundreds of thousands.
When he first started using credit cards and Huabei in 2018, Peter was once addicted to such credit products, “Because so much money is made for no reason, and it is paid separately, it will give you the illusion that you have a chance to come. It is not a problem to use these funds, and slowly repay it.” Under this illusion, Peter borrowed 80,000 yuan from Baidu’s rich loan and used 50,000 yuan of it to buy a watch.
On the day he got the real thing, Peter felt a sense of excitement, but this excitement was quickly shattered by the reality of installment repayment. It took him half a year to pay off the 80,000 yuan, and after that he no longer used the credit platform for advanced consumption.
Peter opened the credit platform again in the second half of 2019. At that time, he planned to invest and do business on his own, but the moonlight habit did not leave him any savings. In order to obtain start-up funds, he chose to use Alipay (Huabe, Borrowing on three platforms: Bibai, Wangshangdai), JD, and Baidu.
”In the beginning there was no (struggle), because I think there will be a return if there is investment, and the return part can be greater than the interest.” However, it did not happen long after Peter started investing. The epidemic hit, everything stopped, and his project was like a mouthful. Dry Well, no longer give him any feedback, and his total loan amount has gradually accumulated to 500,000.
Like every young man in debt, Peter had just realized his true debt situation and experienced an extremely anxious time. When the epidemic first started, he could not fall asleep all night and all night, and he had to stay up until three or four in the morning and he could barely open his eyes before he could barely fall asleep. Although he would often wake up in the middle of the night after falling asleep; what’s worse, he was in debt. As a result, he can hardly concentrate on his own job, not to mention that he had originally planned to fall in love, but now it is completely lost.
The 15-23 of each month is the hardest time for Peter. Every day during this period, he almost has at least one platform to repay. What he needs to do every day is to think about how to “find money” from different platforms to repay the loan. “Use Alipay today, JD.com tomorrow, and try Baidu the next day.”
Interestingly, after experiencing such a painful economic crisis, Peter chose to quit his current job and devote himself entirely to his investment projects. When he resigned, Peter understood the risks he faced: without a stable source of income, he would be more susceptible to the temptation of online loans; and after losing his monthly salary income, in order to pay the rent and living expenses, he would be more susceptible to online loans. The dependence on the platform will also be heavier. But at the same time he also realized that if he really wants to go ashore (another name for “paying off the loan” in the Douban team), he must devote himself to a project that can have high returns.
”I always feel that I have won the time. If a project succeeds, I can get more than half of my legs, or one leg ashore. If I do a steadfast job to repay the money, I see no hope. , The short term is five years, the long term is ten years. I am still a bit pessimistic in age. When you are 35 or 40 years old, what else can you do?”
Behind the online loan is more than vanity
If you type “online loan” on WeChat or a search engine, you will probably see countless articles attacking young people’s money worship, consumerism, and endless vanity. However, the reason why a large number of young people are caught in the trap of online lending is obviously more than vanity.
Almost all interviewees mentioned in the interview that they started using online lending platforms because they did not want to borrow money from people around them or because they were unwilling to borrow money.
”I don’t want others to know that I need money, and I don’t want them to help me,” Peter mentioned. “After a person becomes independent in adulthood, parents can help you, but there is no need to take risks with you. Not to mention friends, my age (30 years old), most of my friends are married and have children, and they have a burden. .”
It is difficult to borrow money, and it is equally difficult to confess your debt to others. Regardless of the debt, for most debtors, the first, and perhaps the most struggling, step to go ashore is to confess their debts to their parents. Some people may hope that their parents can help themselves and avoid debts from growing like a snowball; some people may just be unable to bear the pressure of debt and hope to get some psychological comfort and support from their parents, but the same Yes, it is difficult for everyone to take this step.
Compared with the debt situation of most people in the “Debt Alliance”, the confession of debts of more than 40,000 is not an exaggeration, but for her, it is still difficult to talk to her parents.
After starting the online loan, Dabai felt that calling his parents had become a burden of life, “I hope my parents think I am pretty good, and I hope they all live well, so every time I hang up the phone, I am very fast .”
Encouraged by a “fellow” from the Douban group, Dabai originally wanted to confess with her parents on this Thursday, but the more she confessed, the less courage she got. In the end, timidity and fear defeated reason, and she delayed the confession until the next time. on Tuesday.
”Don’t children always have this mentality? When they were young, they would be afraid that their parents would know if they did something wrong, and the same would be true when they grow up.
Dabai has actually imagined countless scenes of confession. She knows that her parents will not beat herself and will definitely help herself with money. But the irritable brother is not necessarily, “He will scold me and beat me. I’m not afraid. Afraid of humiliation in various languages.”