Talk about buyer's remorse!
Faced with a large credit bill, a student in China reportedly opted to pay off his new iPhone in an unusual way: by taking a construction job moving bricks.
According to a Huffington Post translation of a report in the Chongqing Morning News, a Chinese university student, identified by the pseudonym Yang Fan, used a credit card to purchase an iPhone 4 and school supplies, but had trouble making the minimum monthly payments.
To make some quick cash, he got a job moving bricks for 100 yuan (about $16) per day. Eight days of work and several blisters later, Yang had enough to cover his required payments.
However, Yang said he would've acted differently, in hindsight.
"If I could do this over, I would rather not have an iPhone 4," the university student told the Chongqing Morning News.
Yang is not alone in his need to pay off debt from a new Apple gadget.
In March, the Want China Times reported that more than 20,000 Chinese students took out high-interest loans since January 2012 to purchase Apple devices. The Wuhan regional manager of lender Home Credit China confirmed to the news outlet that 90 percent of the credit awarded to students was used to buy high-end electronics, specifically iPhones and iPads. Between January 2012 and February 2013, the loans totalled 160 million yuan (roughly $25.8 million) with annual interest rates as high as 47 percent for 12-month terms.
While the price of Apple products may carry some of the blame, the choice to move bricks for cash or take out high-interest loans to pay off Apple debt lies entirely with the students. And, as an opinion writer for Hunan Red Net cautions, we probably shouldn't read too much into Yang's story, since it is not representative of the majority of university students in China.