This is kinda funny, but extremely fake. I'm a second generation immigrant. I can attest that obtaining a credit card without citizenship is basically impossible, and very difficult even with a green card.
Also, when people from Asia travel they usually have dual currency credit cards that work very well in their country and the west. All the major financial organizations have offices in China. Hell you can get a dual currency card from the bank of China in MasterCard or Visa.
It is if your country isn't on the western credit based system.... A recent immigrant isn't going to have a loan or mortgage, and most often are in low income jobs, or even paid under the table.
First Gen immigrant here. Credit card obtainment is itself not that hard if you already have guardians or sponsors who are willing to cosign your paperworks. If you don't even have that then it would have been impossible for you to even legally get into this sh*t hole to begin with so I have no idea why you said it was hard.
The hard part is getting a credit line as high as 100k without a stable income and high credit score. Even many US citizens I known don't even have close to that numbers in all their accounts combined fresh out of college. The conman in the post either already have rich relatives who are paying it back or must have lost even more cash withdrawn from China to bankroll his "scam"
Lastly, regardless of how you spent that money, it's still entrapped inside the US economy and thus not enrich his own country at all. Unless they bought gold or cash back to China, of course
I mean it would be cool if you could do this in a country and then leave and never go back, I think a lot of people would take that deal lol, I would take that deal lol
I am now building it up again to do just this. Except I won’t be leaving the country they can just send me letters for 10 years before giving up again.
its true. its unsecured debt. they can't take your possessions. they can only send letters, call until you tell them to stop, and get judges to say "yep he owes that" (judgements)
This is definitely not real. There’s no way an international student got $140k in credit with no collateral. A tenth of that MAYBE but at that point there’s plenty of Americans doing the same thing anyways.
They might've done it fraudulently using fake names?
Or they might be able to get that with no collateral if they had a good credit rating, a lot of Chinese international students have very wealthy parents so they could've got a good rating over the course of study...
If it has these same financial companies in them or any credit bureaus that factor in debt from here then you could run into issues.
If not then from what I remember reading this would actually work if you’re not planning on coming back since typically unpaid debt isn’t a crime and definitely not one a country would extradite over.
I had an American house mate here in Australia. He maxed out a bunch of credit and got into trouble. Eventually he just left Australia and went back to the States and defaulted on everything.
As far as I know nothing happened to him and the Australian banks couldn't do anything. I mean from their perspective he just dropped off the map with no contact details valid anymore.
That would depend entirely on the Chinese judiciary's level of cooperation. Which probably will be very low unless China somehow stands to gain from it.
Yeah, if it were a random European country it would not fly. China, who knows. They might just donate half to the state, willingly or not and its all good from their end.
Depends whether 140k would be pursued. Honestly, probably not. Would cost hell of a lot more for the banks, legal, government agencies to try and get them to pay.
(As someone who has never studied economics) The purpose of banks is to encourage the act of saving money. The problems you describe are with money itself; money, which is essentially a virtual representation of debt. I can highly recommend reading “Debt: The First 5,000 Years” by David Grabber.
From an unsecured loan, this is barely a rounding error for a big bank.
Jokes on him, he likely spent hundreds of thousands living and finishing University in the US. If anything he barely breaks even in the eyes of the government, and is bringing 140k of the banks money to china, which isn't a big deal.