Strangled by debt': Covid deepens Cambodia's loan crisis
- phuketrichard
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Strangled by debt': Covid deepens Cambodia's loan crisis
This is really a serious matter an sad, If the country stays closed, how many more will go under?
https://www.bangkokpost.com/world/20199 ... VxHvkyig7MTrapped 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.
In a nation run by swine, all pigs are upward-mobile and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. HST
Re: Strangled by debt': Covid deepens Cambodia's loan crisis
Oh yes but she looked rich in front of all her friends at the wedding
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
Re: Strangled by debt': Covid deepens Cambodia's loan crisis
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
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
- John Bingham
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Re: Strangled by debt': Covid deepens Cambodia's loan crisis
Some good points but it's almost an exact copy of this article from August:
https://www.latimes.com/world-nation/st ... n-cambodia
https://www.latimes.com/world-nation/st ... n-cambodia
Silence, exile, and cunning.
Re: Strangled by debt': Covid deepens Cambodia's loan crisis
Not that n but this was a loan shark not a bank.
Don’t listen to Chinese whispers.
Re: Strangled by debt': Covid deepens Cambodia's loan crisis
As an ex mortgage broker. Is there a difference?whatwat wrote: ↑Mon Nov 16, 2020 5:56 pmNot that n but this was a loan shark not a bank.
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.
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
Re: Strangled by debt': Covid deepens Cambodia's loan crisis
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.atst wrote: ↑Mon Nov 16, 2020 7:20 pmAs an ex mortgage broker. Is there a difference?whatwat wrote: ↑Mon Nov 16, 2020 5:56 pmNot that n but this was a loan shark not a bank.
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.
Loan sharks interest is a lot higher than any bank or MFI and carries more risk of bodily injury.
Don’t listen to Chinese whispers.
Re: Strangled by debt': Covid deepens Cambodia's loan crisis
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
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
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
Re: Strangled by debt': Covid deepens Cambodia's loan crisis
It’s not about complaining it’s the fact they can’t pay it back.
Don’t listen to Chinese whispers.
- newkidontheblock
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Re: Strangled by debt': Covid deepens Cambodia's loan crisis
You LEND your better half and her family?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.
I invest. I never lend. No expectation of money every returning from family.
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