Some idea of the impact the current recession in the Far East is having on personal spending is provided by the fact that personal bankruptcies and credit card write-offs by banks are now at an all time high.

According to the latest figures from the Hong Kong Monetary Authority, 12,407 bankruptcy orders were issued during the first six months of the year – an increase of 186% on the year before and 35% more than 2001’s full year figure of 9,151, which was itself record-high.

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