Students failing to learn debt-control lessons

Experts call for regulation of peer-to-peer lending to eliminate unscrupulous operators, as Cao Yin and Zhao Xinying report.

In the past three years, the media has highlighted many stories about college students who have fallen into debt as a result of using peer-to-peer lending platforms. These platforms, many of which are unauthorized and unregulated, are usually based on the internet and have no connection with the established banking system. Many charge exorbitant rates of interest.

In some cases, lives have been damaged and some students have been pushed to commit criminal acts as they seek to repay their debts.