Strangled by debt': Covid deepens Cambodia's loan crisis

phuketrichard · Post by **phuketrichard** » Sun Nov 15, 2020 5:22 pm

This is really a serious matter an sad, If the country stays closed, how many more will go under?

Trapped under a mountain of crippling debt, Cambodian farmer Roeurn Reth fears she will have to sell her land to repay microfinance loans that have ballooned due to pandemic-spurred job losses in her family.

What started as a $3,000 sum from a loan shark for her son's wedding has now grown to about $7,000, she says -- the result of additional financial needs that have cropped up.

Her sons -- who crossed illegally into neighbouring Thailand -- previously sent money home to help with repayments, but they are now out of work.
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In Cambodia, where the average yearly income is a meagre $1,700, borrowers in 2019 racked up a total debt of $10 billion to microfinance lenders.

This puts the country at an average loan of $3,804 per person -- the highest amount in the world, according to local rights group Licadho.

A lack of enforcement also has illegal lenders offering "throat-slittingly high" interest rates of up to 30% over a year, says Licadho's Am Sam Ath.

https://www.bangkokpost.com/world/20199 ... VxHvkyig7M

atst · Post by **atst** » Sun Nov 15, 2020 5:40 pm

Oh yes but she looked rich in front of all her friends at the wedding

atst · Post by **atst** » Mon Nov 16, 2020 5:39 pm

atst wrote: ↑Sun Nov 15, 2020 5:40 pm Oh yes but she looked rich in front of all her friends at the wedding

And of course when you can't pay back the money you borrowed you go borrow some more , then blame the bank for wanting thier money back, yes they are unscrupulous but people what the quick buck

John Bingham · Post by **John Bingham** » Mon Nov 16, 2020 5:55 pm

Some good points but it's almost an exact copy of this article from August:

https://www.latimes.com/world-nation/st ... n-cambodia

whatwat · Post by **whatwat** » Mon Nov 16, 2020 5:56 pm

atst wrote: ↑Mon Nov 16, 2020 5:39 pm
atst wrote: ↑Sun Nov 15, 2020 5:40 pm Oh yes but she looked rich in front of all her friends at the wedding
And of course when you can't pay back the money you borrowed you go borrow some more , then blame the bank for wanting thier money back, yes they are unscrupulous but people what the quick buck

Not that n but this was a loan shark not a bank.

atst · Post by **atst** » Mon Nov 16, 2020 7:20 pm

whatwat wrote: ↑Mon Nov 16, 2020 5:56 pm
atst wrote: ↑Mon Nov 16, 2020 5:39 pm
atst wrote: ↑Sun Nov 15, 2020 5:40 pm Oh yes but she looked rich in front of all her friends at the wedding
And of course when you can't pay back the money you borrowed you go borrow some more , then blame the bank for wanting thier money back, yes they are unscrupulous but people what the quick buck
Not that n but this was a loan shark not a bank.

As an ex mortgage broker. Is there a difference?
I've bailed out not only my girlfriend but her sister from these sharks , they go do it again , thier on there own this time.

whatwat · Post by **whatwat** » Mon Nov 16, 2020 7:36 pm

atst wrote: ↑Mon Nov 16, 2020 7:20 pm
whatwat wrote: ↑Mon Nov 16, 2020 5:56 pm
atst wrote: ↑Mon Nov 16, 2020 5:39 pm
atst wrote: ↑Sun Nov 15, 2020 5:40 pm Oh yes but she looked rich in front of all her friends at the wedding
And of course when you can't pay back the money you borrowed you go borrow some more , then blame the bank for wanting thier money back, yes they are unscrupulous but people what the quick buck
Not that n but this was a loan shark not a bank.
As an ex mortgage broker. Is there a difference?
I've bailed out not only my girlfriend but her sister from these sharks , they go do it again , thier on there own this time.

What’s your ex job got to do with it? Surely as a mortgage broker you don’t care if the person can pay it back. You get your commission, and it’s not really your job to check.

Loan sharks interest is a lot higher than any bank or MFI and carries more risk of bodily injury.

atst · Post by **atst** » Mon Nov 16, 2020 8:17 pm

I was explaining from experience banks, loan sharks are the same in fact banks are probably worse, but it doesn't take away from the fact people borrow money and then complain when they have to pay it back.
How many mate's have you lent a guid to never to see it again?
As a mortgage broker you do care as you get the trailer commission for 25-30 years on home loans that's the bolk of your income

whatwat · Post by **whatwat** » Mon Nov 16, 2020 9:14 pm

It’s not about complaining it’s the fact they can’t pay it back.

newkidontheblock · Post by **newkidontheblock** » Mon Nov 16, 2020 9:57 pm

atst wrote:As an ex mortgage broker. Is there a difference?
I've bailed out not only my girlfriend but her sister from these sharks , they go do it again , thier on there own this time.

You LEND your better half and her family?

I invest. I never lend. No expectation of money every returning from family.

Strangled by debt': Covid deepens Cambodia's loan crisis

Strangled by debt': Covid deepens Cambodia's loan crisis

Re: Strangled by debt': Covid deepens Cambodia's loan crisis

Re: Strangled by debt': Covid deepens Cambodia's loan crisis

Re: Strangled by debt': Covid deepens Cambodia's loan crisis

Re: Strangled by debt': Covid deepens Cambodia's loan crisis

Re: Strangled by debt': Covid deepens Cambodia's loan crisis

Re: Strangled by debt': Covid deepens Cambodia's loan crisis

Re: Strangled by debt': Covid deepens Cambodia's loan crisis

Re: Strangled by debt': Covid deepens Cambodia's loan crisis

Re: Strangled by debt': Covid deepens Cambodia's loan crisis

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