Central Banking

Hong Kong's credit card problems surge

HONG KONG - Credit card write-offs in Hong Kong surged to a record annualised rate of 13.63 per cent in the second quarter of this year, reflecting the slowdown in the local economy and a rise in personal bankruptcies.

Hong Kong's de facto central bank, the Hong Kong Monetary Authority, said on Friday that credit card charge-offs had risen to HK$2.06bn (£175m), compared with HK$ 1.36bn in the first quarter.

Personal bankruptcies have soared to 12,407 in the seven months to the end of July, up f

To continue reading...