The youngest son of the chaebol family, Hu Mou Xianmin

Shunyang Financial Holding Company, President's Office.

A female assistant came to report to Chen Ruijun with the latest data.

"President, we have counted the number of people who have purchased cars in installments of 48 and 60 in the past two days. There are already more than 400 people! And according to the feedback from Shunyang Credit Card Company, in the next half month or even a month Within the next few years, the number of people handling related business will continue to increase!”

Chen Ruijun also showed joy on his face when he heard the "good news" reported by his subordinates.It was her first time to manage a company alone. Although it was a project "introduced" by Chen Daojun, this was ultimately her credit!

"But there is something that the president may need to pay attention to!" The female assistant looked at Chen Ruijun, who was in a good mood, and remembered another report she had seen before.

"LG Credit Card Company, a subsidiary of LG Group, seems to have some problems. Many customers have stopped repaying on schedule and have a certain degree of bad debts. Our Shunyang Financial should not..." the female assistant said uneasily, Afraid that what you say will offend the other person.

Chen Ruijun nodded, "Yes! I've heard this news too! Our situation at Shunyang Financial is very different from that of LG Credit Card Company. They issue a large number of credit cards, and they are very strict about the applicant's information and repayment ability. There are no specific standards and evaluations. It is inevitable that problems like this will arise!”

"Shunyang Financial has only been established for a short period of time, and we have relatively standardized standards for reviewing customer information and setting credit card limits. This should not happen, so don't worry too much!" Chen Ruijun said very firmly.

……

After the assistant left, Chen Ruijun's smile, which was still confident at first, quickly faded, and then he murmured to himself, "What on earth does this guy Chen Daojun want to do? Doesn't he know about the matter of LG Credit Card Company? Why would he let it go?" Shunyang Credit Card cooperates with Hyundai Daewoo Group, and the installment is so long, it is easy for something to happen!"

Since taking over Shunyang Finance, Chen Ruijun has also made up for his knowledge in this area.In particular, she has a detailed understanding of the now popular credit card services.Most of the common credit card installment repayment services are 12 or 24 installments, or longer 36 installments, or even 48 or 60 installments. Many companies are unwilling to open them.

The main reason is that the repayment cycle is too long. If the customer (repayer) encounters any situation, it is easy to stop repayment or become overdue.Once this situation occurs on a large scale, credit card companies will be in a dilemma (referred to as: thunderstorm).

Once such a situation occurs, the credit card company will face an embarrassing situation: a large number of bad debts and bad debts will cause the company's internal capital chain to break, while the funds on the other side that need to be returned to the bank on time are delayed in being handed over.

……

After thinking for a moment, the cautious Chen Ruijun finally called his father Chen Dongji, intending to ask for his opinion.As the person in charge of Shunyang Securities and Shunyang Fire Insurance Company, Chen Dongji must have seen/experienced similar incidents. It is better to ask the "old-timers" than to cross the river by feeling the stones!

------Dividing line------

LG Group, in the chairman’s office.President Gu Benmao looked sad at the moment.The document that his subordinate brought just now gave him a headache!

In the past few years, Cheong Wa Dae has introduced a series of support policies to stimulate economic recovery, and has tried its best to get people to increase consumption, thereby boosting domestic economic recovery. Only in this way can the domestic economy be restored as soon as possible and completely change from the 97 crisis. Escape from the quagmire of the financial crisis.

It's just that Mr. Jin didn't understand the laws of economics. Instigated by a group of layman think tanks, he chose to restore the economy by stimulating consumption.It’s just that people at that time didn’t have money in their hands and wanted them to consume unless money could be lent to them.

于是乎青瓦台大笔一挥，接连废除了有关信用卡的限制规定，1999年2月废除了办理与购物等相关的主要业务50%以上的业务限制，即允许信用卡企业进行现金服务等附带业务；接着于1999年5月取销了每月70万韩元的现金服务限度。

As a result, credit card companies left their original business of payment and settlement behind and began to convert to a business model based on cash loans.The interest rates of credit cards have reached an astonishing amount: late payment interest rates are 24 to 29%, and various handling fees are also as high as 19 to 29%.If you are in arrears for 6 months, the debt will double!
……

This pattern of killing the goose to lay eggs has not only not been stopped, but has become more and more intense.Some companies that are still waiting on the sidelines are rushing into credit card services after seeing that the "pioneers" have tasted the benefits.After all, making money is the last word these days. If you don’t have money, you won’t care!
However, due to the unscrupulous and excessive issuance of credit cards at the beginning, the hidden problems gradually became apparent.Among the credit cards issued by LG Credit Card Company, more and more cardholders are defaulting on their repayments on time.

They tried to collect the debt, but with little success.Most of those credit card users who owe money and fail to repay it have financial difficulties or have seriously over-consumed and really have no money to pay back.Unless they are forced to sell their real estate (mainly houses).

It's just that there are two incidents at the same time. A large number of forced debts to force debtors to sell their houses will definitely attract the attention of interested people, especially those prosecutors who are looking for trouble for companies and plutocrats everywhere. They will never let go of this golden opportunity!

……

Gu Zimao, who really had no way to solve the current predicament, had no choice but to call his father, Gu Zijing, the retired chairman of Lede Group, for help.

After Gu Zijing learned about his son's plight, he sighed helplessly.The reason why LG Credit Card Company has become as good as it is today is partly due to the Cheong Wa Dae. Is it possible that the LG Group is too greedy?

As long as we strengthen supervision during the credit card processing process, conduct detailed reviews of the information and qualifications of card handlers, and set certain thresholds, it won't be so bad!
A total of more than two trillion won in funds have been withdrawn and used by users from credit card companies, and the overdue amounts have exceeded 3000 billion won, and hundreds of billions of won in payments may become overdue... Such a big hole, Even if the LG Group tries to sell it, they may not be able to repay it!

……

After being silent for a while, Gu Zijing sighed helplessly and suggested, "Go and contact Miracle Group! Now the only company with the most abundant funds in the country is Miracle Group! If they are willing to help, we can still get through this. This is a crisis!" (End of this chapter)