New China trend: borrow from the future to enjoy the present
Online peer-to-peer lending jumps; car loans and mortgages nearly double
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New York
CHINA'S savers, who sock away cash like almost no one else in the world, are racking up more debt as borrowing options proliferate.
Ninety-four per cent of consumers have used a credit or loan in the past year, up from 85 per cent two years ago, according to a survey by market researcher Mintel Group Ltd. Peer-to-peer lending via online lenders jumped, while car loans and mortgages nearly doubled, the poll showed.
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