A record 8.5 million Chinese borrowers are now blacklisted for not paying their debts, a report says. They're feeling the same financial pressures as Americans.
www.businessinsider.com
Chinese consumers are defaulting on their credit cards, mortgages, and other debts in droves. Americans are also feeling financial pressures today.
  • @ChrisLicht@lemm.eeEnglish
    12•7 months ago

    Historically, American millionaires had a much higher rate of prior bankruptcies than the general population. A good way to squelch entrepreneurship is to make failure so onerous that it’s not worth the risk.

    • @hitmyspot@aussie.zoneEnglish
      2•7 months ago

      I assume that is self made millionaires. They are likely entrepreneurial with a higher risk of failure in doing so, but greater rewards when succeed.

      Inherited millionaires are likely risk adverse.