Comments by "Bobby Loo" (@BobbyLoo-jr8ys) on "Middle Class Is Done! Over 26 Million Chinese Listed as Untrustworthy Debtors!" video.

  1. TOo much risk and no plan B, ends up in these situation. Risk as in debt, too much debt
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  2. agreed!
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  3. WHen one has money, friends will flock to you. WHen your poor, friends leave. This is natural.
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  4. I hope so, so l can finally get my dream property in China. ANd l will not take out mortgage.
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  5. Many Chinese had multiply property, thinking money goes on tree...their property. Any Chinese who has mulitply property and are crying bc their housing value decrease by 20-40%, lm not sorry for them, nor do l feel bad for them.
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  6. Mortgage and default can destroy once a happy family. Is it worth the risk, just to buy and own property?
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  7. These homeowners were too confident, thinking 30 yr mortgage is doable and affordable, when most of the money goes to interest. They believe their property can only go up and not down They beleive their job is secure, iron bowls and can never get fired. They did not have plan B, what if...moment such as lost job either single or both parents, ill parents which need medicial attention, unforeseen cost. Many got into these situation because they didn't consider ALL factors, and think short term. Yes, some factors we can't change, but others we can, like...do not take long term mortgage loans, do not take out car loans, do not... Only buy property when one has a few MILLION rmb in the bank. For example, a property is worth 4 M and you have 2 M. ok, that is 50% paid, then take 2 M as a loan and quickly pay it off in less than 5 yrs. This way, (math weise), the risk is less. But no...many borrow from family and maybe friends, cash out parent's life saving and scraped the money+ borrow the bank. The risk is too high, the borrower borrowed TOO much money and maybe the family has car loans too. So those who defaulted had bad planning and no back up plan, what if.
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  8. Those who can't pay their mortgage is a squatter, as the house is NOT theirs, it belongs to the bank, UNTIL it is FULLY paid.
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  9. Lesson: DO NOT take housing mortgage. Bc so many people took mortgage loans, it push the housing price sky high due to the demand created to people wanting property. IF there was no such demand and no ppl took mortgage, and pay CASH instead through savings, thecost of owning a property would be much more affortable. But in CHina, there is a culture created by the Chinsse Must own property Must own proerty for marriage If my friends/other have, l must have SO, they take massive loans and compete! This is also true in the west. Mortgage is a trap for most. By not mortgaging, there is no risk. People should only buy property if he/she can pay down at least 50%, the more the better. By reducing the mortgage, the bank can't earn much interest from you, thus more money in one's pocket. By the time the propery is fully paid, one has already paid double than the original price, due to the long term mortgage.
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