Tainan City Councilor Hsu Chih-chun (許至椿) said that he has received many complaints from parents, who are asking for his assistance because they could not help their children solve their debt problems.
"Some kids apply for another credit card to pay off the debts they have on their first card. Soon they will need another card to pay their growing debts. It is a vicious cycle," Hsu said.
National Security Bureau Director-General Hsueh Shih-ming (
Hsueh told reporters that he had paid off his eldest son's debts because his son could not afford to pay them himself.
Hsueh did not say what his son's debts had amounted to.
A 24-year-old self-professed card slave from Taipei County told the Taipei Times that she had owed NT$1.2 million, but finally managed to pay her debts last year.
She raised the money by hiring herself out as a surrogate mother.
"I earned NT$1.5 million [for being a surrogate mother], so was able to keep NT$300,000 after I paid off my debts. I know that what I did was illegal, but I needed to solve my problems. But I solved other people's problems, too, didn't I?" she said.
The FSC has urged people with credit problems not to turn to crime, especially since eight banks have adopted a special "card slave negotiation mechanism."
To qualify for the mechanism, consumers need to meet the following requirements: All their debts must have been racked up before Dec. 15 last year; the total amount must exceed NT$300,000 from more than two banks, unless card holder is a student; the card holder must pay at least 15 percent of the total amount every year, at a reduced interest rate; and all debts must be settled within 10 years.
The eight banks offering the negotiation mechanism are: Chinatrust Financial Holding Co, Taishin Bank, Chinese Bank, E.Sun Financial Holding Co, Taichung Bank, Union Bank of Taiwan, Cathy United Bank and Cosmos Bank.
RSS