The Lunar New Year is a time for settling debts for the Chinese. Historically, debtors would be hounded by their creditors right up to New Year's Eve. The creditor or bill collector might be aided by a lantern as the midnight hour approached. Although it was considered vulgar to hound a debtor on New Year's Day, this convention was circumscribed by another which allowed the creditor to pretend it was still the preceding evening by continuing to carry a lighted lantern on his chase.
From young I was taught that it is not good to carry forward any debts one may have into the new year. However this does not mean that we have to finish paying up on the housing or car loans since these are huge debts that we owe over a very long period. As long as we are able to service our loans before a certain date would be okay. What I am talking about is the smaller debts. These should be paid off in full where possible. So try not to start a new year with debts written to your name.
That was why I made sure that I paid my news agent, Mr Chong for the monthly newspaper subscription. You see, Mr Chong has a tendency to collect the newspaper money from me only after two or three months. Believe it or not, he only came and collected the newspaper subscription for 6 months from me only in November last year. But I made sure that he came on Friday with the bill for January 2010. I do not like to have unsettled debts carried over to the new year.
Reference:
http://www.columbia.edu/itc/eacp/japanworks/china/society/lunar.htm
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