Trying to avoid paying back your debt? Become a different person.
Last month representatives from more than 300 Chinese cities promised to make more credit available to consumers. This is part of the country’s effort to find more sources of economic growth and reduce dependence on industry and infrastructure heavy investments. Unfortunately the idea comes with a few setbacks.
People are opening up lines of credit and not paying their debts and more cases of identity theft are being reported. In one case police officers were hunting down a 59-year-old woman accused of skipping out on $3.7 million in debt. After following multiple leads the officers were shocked to find a woman who looked to be in her mid-thirties. Turns out she had used borrowed bank cards to alter her appearance and evade capture.
Authorities have now drawn up a blacklist of offenders and anyone who tries to contact them is met with a message saying to urge the person to turn themselves in. But if they aren’t worried about breaking the law, I doubt public shaming will do it.
About Brian
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
