A 21-year-old student named Ding Xiaoxu, who studies in Guangzhou, finds himself entangled in a web of private loans and online gaming debts. Xiaoxu, whose real name is used here as a pseudonym, became deeply engrossed in online gaming and borrowed money from multiple sources, leading to a spiraling debt situation. His family has been subjected to constant harassment, including intimidation and threats from the lending platforms. This has caused significant distress within the family, affecting their daily lives.
Attached is a photo of Xiaoxu looking visibly upset. Despite receiving a monthly allowance of 1,200 yuan from his parents, Xiaoxu found that it wasn't enough to cover his expenses, especially with his passion for online shopping and gaming. Last December, he attempted to start a small business to supplement his income. However, after borrowing 6,000 yuan online to purchase a batch of watches to sell, the venture failed, leaving him with mounting debts.
The lending platforms soon began targeting Xiaoxu's network, harassing not just him but also his family, friends, teachers, and classmates. Unable to cope, Xiaoxu resorted to borrowing even more money from other platforms. Within just six months, he accumulated over 70,000 yuan in principal, interest, and service fees from more than 10 different campus loan platforms. The situation quickly escalated, with his debts ballooning to an alarming 320,000 yuan.
Driven by the desire to keep up with his lifestyle, Xiaoxu continued to borrow money recklessly. The interest and principal grew exponentially, reaching 190,000 yuan. His parents, who earn around 3,000 yuan a month working odd jobs like collecting utility bills and doing housecleaning, struggled to support both Xiaoxu and his younger sister, who recently lost her job. Despite their best efforts, paying off the loans proved impossible. With no choice, Xiaoxu turned to friends for help, adding another 60,000 yuan to his already massive debt.
The constant barrage of harassing phone calls and threatening messages from the lenders left Xiaoxu and his loved ones anxious and unable to focus on their regular activities. Desperate, they reached out for assistance.
In response to growing concerns about campus loans, the Chinese government, through its banking regulatory commission, education ministry, and human resources department, issued a notice requiring all online lending institutions to stop issuing new campus loans and to gradually phase out existing ones. Furthermore, unapproved entities were prohibited from offering credit services on campuses.
Legal experts warn that any private loans with an annual interest rate exceeding 24% are not legally protected. College students should be cautious when borrowing money, opting instead for formal channels like state-sponsored student loans to avoid the pitfalls of high-risk borrowing.
For Xiaoxu and countless others, the consequences of reckless borrowing have been severe, impacting not only their financial stability but also their mental health and family dynamics. It's a cautionary tale that underscores the importance of financial responsibility and the dangers of easy-access credit without proper oversight.
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