'Too easy to borrow': debt plagues young people despite China's scrutiny of fintech microloans | South China Morning Post

Gary Wang, 25, could not pay for all his purchases, but he kept buying anyway. The smartphones and clothes that appeared on the Chinese apps he used for watching short videos or ordering takeaways seemed too good to miss, and the platforms offered easy credit. "It is a lot easier to borrow from platforms than acquaintances," said Wang, a software tester living in the landlocked Hubei province, who earns a monthly income of 8,000 yuan (US$1,191). By the time he realised he could not afford his lifestyle, he had already taken out 150,000 yuan in loans, mostly to dine out…