Comments by "Bobby Loo" (@BobbyLoo-jr8ys) on "People in China are heavily in debt today！The Harsh Reality Under Intense Pressure！" video.

  1. totally agree. They got greedy, thinking more business, and expand and expand will earn more money fast.
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  2. TO the mother of 3 children: Did you plan for raining day? Did you plan for emergency fund that should last at least 6 month Why did you mortgage and not rent instead, with your partner's salary of 6k a month. Once you default, it is GAME over! End of the line.
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  3. So simple, don't take on debt, then they wn't have this problem. They did this to themselve, no back up plan/plan B. They never once consider, if what one of us in the family lost the job, what if we need money for medical emergency, what if... I once though Chinese people are great at saving money and don't beleive in mortgages. BUt they were brained wash by the western, by their peers in that: everyone should have a car everyone should own a house everyone can live happily with 1 income in the family etc They were following those that have the ability and resources to buy. They were too confident that by taking out 20-30 yr loans, that they are able to pay it off, easily. I thought Chinese ppl are wizards at Math with their finances. It seems that we judge them wrong. Chinese people are short sighted. They see other buys house and car, they follow suit. They see other borrow money, they follow suit. They want what others have, and confidently borrow money, even with a low interest. They believe the housing price will NEVER fall. They have no back up plans or save for raining days. When they fall, they fall hard. When they fall, they cry and become losers of the society.
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  4. I feel no remorse for those ppl that were so confident and too out millions of RMB in housing mortgage. And they NEVER though of: what if l lost my job. THey only live for trm, never look beyond the future, never consider what if, never consider plan B. They live high in the moment when their business was doing well and spur on living the good life. I have xxx millions in the bank in RMB and l still don't feel confident to buy a home in SH. Nor will l take out millions in mortgage just to buy a house when the housing price is dropping.
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  5. The ending of this video is well said. Only buy a house, when you can pay 50% or more for the down. For me, l will only buy at 80% down, so that bank cant earn much money from me.
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