I think you completely misunderstood what I mean. Chinese in the US have NO problem to lend each other money, but only for short time. I lent money to my Chinese friends, but only for a couple of weeks, or at most a couple of months, interest free. And the reason for their borrowing is NOT for everyday consumption.
And in the last couple of years, a couple of Chinese students here borrow money from their credit cards, interest FREE, for their own or their spouse tuition (not many since most of Chinese students here are on scholarship). Again, NOT for every day consumption. Yes, they use credit card a lot, even for food, but once the bill comes, they pay back in full.
My point is that most of Chinese, unlike most of Americans, are VERY reluctant to borrow money for regular consumption. well, unless they are interest free. Once they have to pay interest, then they will return the money in full. |
