Millions of Indonesians fall into digital debt trap as spending...

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2024-12-17 02:29:54

Millions of Indonesians fall into digital debt trap as spending power wanes

Many middle-income earners risk getting caught out by stratospheric interest rates. Indonesian civil servant Fajar took out his first online loan after seeing a pop-up advert on social media in 2019. “It said I could get IDR 5 million in just five minutes,” he said. But from that initial loan, just over USD 310 at December’s exchange rate, he ended up paying back nearly...

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