Debt culture in your country.
By magic9
@magic9 (980)
China
October 17, 2009 8:54am CST
The government in my city--- Shenyang, China is striving to urging people buying houses for the recent decade because they get huge benefits from the taxes we pay for our estate. Accordingly, they turn a blind eye on the soaring price of housing which estate agents yell. After a few months' economic depression, the local government changes its policy to encourage by several means: to offer a tax exempt on housing purchase, reduce housing loan interests, advertising wildly to rebuild our confidence, even raising the price a little to give us the illusion that if you don't buy now immediately, the price will keep going up. To stir a mental terror among us.
It's not surprising to see that many people have become a slave of bank loan, the debt culture arises. ( Chinese people didn't get used to borrowing money in the past)
2 responses
@manong05 (5027)
• Philippines
17 Oct 09
Same here in the Philippines. The are many government initiated housing loans and people are enticed to apply. Since the payment is done through salary deductions, the idea seems attractive. Imagine you can have your own home without having to shell out a big amount of cash. The problem is it's too much dependent on your job that in the event you lose your job and you are not able to pay, you also forfeit the house. Plus the quality of the house you get is not good in many respects, just poor workmanship. Another problem is, the new house is bare. You again have to go in debt to buy furniture and so forth and so on. Eventually you find yourself buried in debt.
enjoy life!
@magic9 (980)
• China
19 Oct 09
yeah, same here. The houses being sold are empty. You have to install several doors, and furnish it thoroughly. This year in May, I spent the following two months furnishing my apartment. Paint the walls, booked several doors, pave the wood floor which was very costly, bought wall and floor tilts, which was also rather expensive, countless jobs to do. It was like rebuild a house on your own hands !
@JohnJeff (720)
• Malaysia
17 Oct 09
It's happened in my country ( Malaysia ) long years ago.To make properties you must make loan from bank.Everything, from house,car,bike and land.Nobody want to buy cash.Imagine you buy a house around RM80,000.In Malaysia we cannot avoid it.You can avoid it when you wish to travel by bus or just stay in jungle.
