A Global Consumer Default Wave Is Just Getting Started



“These issues in China are a preview of what we should expect throughout the world”
(finance.yahoo) – (Like millions of people around the world, Zhang Chunzi borrowed money she thought she’d be able to repay before the coronavirus changed everything.
Now laid off from her job at an apparel exporter in Hangzhou — one of China’s most prosperous cities — the 23-year-old is missing payments on 12,000 yuan ($1,700) of debt from her credit card and an online lending platform operated by Jack Ma’s Ant Financial. “I’m late on all the bills and there’s no way I can pay my debt in full,” Zhang said.
Her story is playing out in similar ways across China, where the virus outbreak has been taking lives and ravaging the economy for more than three months. As Covid-19 works its way through the rest of Asia, Europe and the Americas — forcing countries into lockdown, driving up unemployment and pummeling small-business owners — analysts say it’s only a matter of time before defaults start spreading within the record $47 trillion pile of household debt globally.
The early indicators from China aren’t pretty. Overdue credit-card debt swelled last month by about 50% from a year earlier, according to executives at two banks who asked not to be named discussing internal figures. Qudian Inc., a Beijing-based online lender, said its delinquency ratio jumped to 20% in February from 13% at the end of last year. China Merchants Bank Co., one of the country’s biggest providers of consumer credit, said this month that it “pressed the pause button” on its credit-card business after a “significant” increase in past-due loans. An estimated 8 million people in China lost their jobs in February.
“These issues in China are a preview of what we should expect throughout the world,” said Martin Chorzempa, a research fellow at the Peterson Institute for International Economics in Washington.
While the extent of the squeeze on consumers and their lenders will depend on the effectiveness of government efforts to contain the virus and shore up economies, the scope for pain is immense.
Households around the world now have $12 trillion more debt than they did during the run-up to the 2008 financial crisis, the Institute of International Finance said in a report this month. Household debt-to-GDP ratios in countries including France, Switzerland, New Zealand and Nigeria have never been higher.
In Australia, which has the highest household debt levels among G20 nations, the country’s largest lender said on Thursday that its financial assistance lines are receiving eight times the normal call volume. A similar surge in queries has flooded lenders in the U.S., where credit-card balances swelled to an unprecedented $930 billion last year and 3.28 million people filed for jobless benefits during the week ended March 21 — quadruple the previous record.
Read more here


Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :

https://www.malaysia-today.net/2020/03/30/a-global-consumer-default-wave-is-just-getting-started/

Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
Limiting Purchases Could Spark Another Round Of Panic Buying Says Consumer Group

Limiting Purchases Could Spark Another Round Of Panic Buying Says Consumer Group

papar berkaitan - pada 20/3/2020 - jumlah : 252 hits
The Malaysia Consumers Movement is urging people to buy only what they need for the next two weeks PETALING JAYA A consumer group has disagreed with calls for Putrajaya to limit the purchase of basic necessities at supermarkets to ensure su...
Tsunami Of Covid 19 Cases Expected In Third Wave Health Dg

Tsunami Of Covid 19 Cases Expected In Third Wave Health Dg

papar berkaitan - pada 28/3/2020 - jumlah : 231 hits
The Health Ministry is expecting a tsunami of Covid 19 cases in the country due to the huge number of Malaysians who went overseas during the school holidays earlier this month Health director general Dr Noor Hisham Abdullah said the moveme...
Just Have Your Utility Bills On Standby During Mco Selangor Police

Just Have Your Utility Bills On Standby During Mco Selangor Police

papar berkaitan - pada 3/4/2020 - jumlah : 271 hits
CORONAVIRUS The police may ask the public to show their utility bills during a roadblock or snap check to prove they are within a as outlined in the second phase of the movement control order Selangor Integrity and Standard Compliance Depar...
There Will Not Be A Global Recession Do Not Panic But Malaysia Is A Different Story

There Will Not Be A Global Recession Do Not Panic But Malaysia Is A Different Story

papar berkaitan - pada 19/3/2020 - jumlah : 266 hits
Here are the latest oil prices West Texas is at US 26 per barrel and the champagne brand Brent is at US 28 per barrel Both have slipped below US 30 per barrel This is fantastic news for the world economy Can you imagine the amount of saving...
Global Virus Infections Top 200 000 As Nations Tighten Clampdowns

Global Virus Infections Top 200 000 As Nations Tighten Clampdowns

papar berkaitan - pada 19/3/2020 - jumlah : 316 hits
Worldwide fatalities from the new coronavirus have topped 8 000 AFP Photo PARIS The number of global coronavirus infections shot past 200 000 on Wednesday as governments across Europe North America and Asia rolled out tough measures to put ...
Pelawak Pengampu Pengacau Semua Ada Dalam Krisis Kesihatan Global Masa Kini 9979

Pelawak Pengampu Pengacau Semua Ada Dalam Krisis Kesihatan Global Masa Kini 9979

papar berkaitan - pada 21/3/2020 - jumlah : 307 hits
sitifatimah in the futureNEW YORK 26 Rejab 1441H Sabtu Setiausaha Agung Pertubuhan Bangsa Bangsa Bersatu Antonio Guterres menyifatkan pandemik COVID 19 merupakan krisis kesihatan paling teruk dalam sejarah PBB dan pasti akan mencetuskan pot...
China S Yuan Unshakable In The Face Of Global Recession

China S Yuan Unshakable In The Face Of Global Recession

papar berkaitan - pada 20/3/2020 - jumlah : 263 hits
China s currency traders are much less worried about the prospects of a global economic recession than their colleagues trading the S P 500 or the Brazilian real With data pointing to a significant slowdown in many of the world s major econ...
Hmd Global Meneruskan Penawaran Peranti Nostalgia Melalui Nokia 5310

Hmd Global Meneruskan Penawaran Peranti Nostalgia Melalui Nokia 5310

papar berkaitan - pada 20/3/2020 - jumlah : 192 hits
HMD Global sebelum ini telah hadir dengan beberapa peranti klasik Nokia yang diberikan nafas baru Terbaru hari ini mereka turut mengumumkan Nokia 5310 yang bakal ditawarkan tidak lama lagi Nokia 5310 merupakan peranti yang direka bentuk sem...
Flexibility In Business Operations

Kempen Hartanah Bumiputera Khas Untuk Pembeli Bumiputera Mendapatkan Rumah Dengan Tawaran Giler Menarik

Umno Youth To Protest Extra Hours For Civil Servants Working Shifts

The Difference In The Concept Of Illicit Relationship Between Muslims And Non Muslims

Pensyarah Didakwa Hina Nabi Jawi Turut Buka Siasatan

Pas Langkaui Retorik Dap Isytihar Pas Muuh Utama

Biodata Hael Husaini 2 Kali Juara Ajl Dan Perjalanan Dalam Industri Seni

Murid Buktikan Pada Guru Lembu Makan Martabak


echo '';
Senarai Lagu Tugasan Konsert Minggu 1 Gegar Vaganza 2024 Musim 11

Info Dan Sinopsis Drama Berepisod Dhia Kasyrani Slot Akasia TV3

Biodata Terkini Reshmonu Peserta Gegar Vaganza 2024 Musim 11 GV11 Penyanyi Lagu Hey Waley

Gegar Vaganza 2024 GV 11 Hadiah Tiket Peserta Juri Format Pemarkahan Dan Segala Info Tonton Live Di Astro Ria Dan Sooka

6 Janji Donald Trump Kalau Dia Naik Jadi Presiden Semula


7 Keistimewaan Hari Arafah Hari Yang Dinantikan Jutaan Umat Islam

Generasi Milenial Dan Gen Z Dukung Nkri Nomor Urut 2 Simbol Harapan Baru Kalimantan Barat

Kempen Hartanah Bumiputera Matrix Miliki Rumah Selesa Cipta Kenangan Indah Bersama Keluarga

Bukan Semua Cendawan Boleh Makan Ada Yang Beracun

Wanita Bersalin Semasa Buang Air Besar

Jangan Risau Jika Tak Terkenal