Chinese College Graduate Borrows 7,000 Yuan from Loan Sharks, Debt Balloons to 3 Million

This photo taken on December 18, 2018 shows university students preparing for the upcoming National Entrance Examination for Postgraduate (NEEP) at a library of Shenyang Agricultural University in Shenyang in China's northeastern Liaoning province. STR/AFP/Getty Images

A young man surnamed Yin who just graduated from a university in Hangzhou City, Zhejiang Province, borrowed 7,000 yuan ($1,047) in 2017 to repay his credit card debt.

Unbeknownst to him, he had fallen victim to local loan sharks. Within a year, his debt had ballooned to 3 million yuan ($448,550).