China’s Consumer Credit Could Reach More than $2 Trillion
China's consumer credit market is about $500 billion.
With good marketing and analysis Asian Banker, a Singapore-based financial services and research intelligence firm, says consumers could go into much deeper dept – $2.35 trillion or so.
Chinese banks need to understand the concept better, to teach their customers they can buy now and not be able to pay later or pay the price plus 10-20% in interest fees.
Nearly two in three banks in China (65%) say they cannot target appropriate customers for credit offerings.
Some 58% of Chinese banks says making effective use of credit bureaus a
nd historical data are major challenges.
But, if they only knew how much money they could make.
In the whole Asia-Pacific region the consumer credit market has an $8 trillion potential.
That's a lot of money to be owed and paid.
Seems to me like creditors just want people to owe them their savings, no?
Leave a comment!