If you think that lack of financing is the only thing holding China back from consuming, consuming, consuming like we Westerners do, then prepare for a shock, as from atimes.com we get the report that “China’s Shoppers Stock Up On Cards” by Catherine Jiang. She writes, “Chinese consumers, until now recognized as among the world’s most determined savers, are adding credit cards to their wallets in record numbers…
July 22nd, 2008 | Mogambo Guru | 0 comments | ContinuedAll Posts Tagged With: "credit card"
Australian Credit Card Debt Grew by 9% in February
Total Australian credit card debt grew at 9% in February 2008, from $39.5 billion to $43.25 billion. Interest-bearing debt grew by 9% to $31 billion. Even worse, the average interest rate Australians pay on credit card debt leapt from 17.6% to 19.4%. Thanks to the rise in rates, credit card interest rates are 20% higher than this time last year. And it means, with current balances, Aussies are paying about $500 million in interest on stuff they already bought. Is it too late to buy into the Visa IPO?
April 18th, 2008 | Dan Denning | 3 comments | Continued