Description
How did a 21-year-old in China end up owing almost an entire month's salary across four apps?
Wang Zhaoxi thought he owed between 3,000 and 4,000 yuan (US$448–598). But when he checked, his total debt came to around 6,500 yuan (US$971) — far more than he expected.
From everyday meals to bigger purchases, Wang uses credit services and instalment plans built into apps he uses regularly.
"For me, a small monthly repayment is easier than paying a large amount all at once, and it can make me more likely to buy on impulse," he says.
But could the convenience of these services make it harder to keep track of how much you owe?
Watch the full Money Mind episode.
#cnainsider #apps #debt #buynowpaylater
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