China charges into credit cards

Taken from the L..A. Times:

Banks are stepping up their marketing of plastic, but the penalties are harsh on delinquent payers.

By Don Lee, reporting from shanghai
October 22, 2008

Imagine there was a law that said if you missed two credit card payments in a row, you had to pay the full balance immediately, with heavy penalties. And if you didn't, your bank would take out an ad in your local newspaper, calling you a deadbeat. Or worse, thugs in suits might show up at your office, haul you down to the bank and keep you there for hours until you signed a promise to pay.

Welcome to the world of plastic -- Chinese style.

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