I just read this interesting article about how a court in China is shaming people who are not paying their debt off.
Below are some key quotes from the article.
One Chinese province is shaming people into paying their debts by forcing everyone who calls them to listen to a message about their overdue payments
The message is,
"The user of the number you've dialed has been listed as someone who is avoiding debt repayments ordered by the Guanyun County People's Court. Please urge this person to fulfill their legal obligations. The Guanyun People's Court thanks you for your support," the message says.
Also, this punishment is very difficult to get rid of.
The newspapers report that simply changing phone numbers won't work, as mobile phone numbers in China require name registration, so those messages would still follow you.
The new campaign is specifically focused on local business owners
I think that this is an interesting way to deal with a problem. I believe that it will be more effective for the court to seize the dead beat's assets.
What are your thoughts on this tactic?
Will this be effective?
Is this punishment too savage?
What would happen if this was implemented in America?
Financial Modeling Course
- Get An Edge For Your Interviews & Finance Career
- The Best (and Most Affordable) Financial Modeling Self-study Courses.
- WSO Members receive a 15% discount