Frontpage words - Dec 1, 2009

Frontpage words - Dec 1, 2009

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Mainland credit card debt surges

by Daniel Ren in Beijing
SCMP, page A1, December 1, 2009


1. This strategy appears to have backfired,
- had an opposite effect -

... with the credit card binge by mainland consumers now reminiscent of similar problems in developed countries
- excess -

2. all banks are gearing up ...
- preparing themselves -

... to expand the high-yield, while risky, business
- high-profit -

3. The rapid pace of credit-card issuance will continue as banks vie for a big market share
- compete eagerly -

4. the hefty rise in the default rate
- very high -

wouldn't deter his company and other rivals from further exploring the credit card business
- discourage -

5. ... to cover bad debts arising from a lending spree earlier this year
- unrestrained lending -

6. They warned the thorny issue
- problematic, difficult -

... would spin out of control
- get out of control -

... if the reckless card issuance continued.
- careless, irresponsible -

7. eying a circulation of 12 million
- aiming for -

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