According to a report from Beijing, about 18,000 college students in China have taken out high-interest loans just so that they can buy iPhones and iPads and be like their classmates.
We already knew that Apple products were trendy and that people are willing to go into massive debt for them, but to take out a loan? The report says that 20,000 students have applied for student loans, and 90% of the loan takers were the ones who opted to use the money for Apple’s products.
The interest? These students are paying interest rates as high as 47% on a 12-month term. That’s just plain crazy.
Source UbergizmoFiled Under: Apple, Top News