Young People Expect Parents to Pay Credit Card Bills

Some things are the same on both sides of the Pacific Ocean.

In China, some 80% of young people out of college rely on their parents to pay their credit card bills for them…or at least help out, which in my experience means they want their parents to pay it for them.

Young people who don't make enough….use plastic money, magic money, thinking if they just swipe the card, they don't have

to worry about paying.

The inexperienced (that's nearly all of them) because the credit card thing is new in China apply for one card and use it to pay for another.

Sound familiar?

In the end, mom and dad have to dip into their own savings or income to help out.

The banking industry in China recommends that the amount of credit card bills should not exceed 40% of total income of the family.

How much do you owe on your credit card?