Samuel Chan Ka-yan, chairman of the Consumer Council’s legal protection committee (left), sits alongside council chairman Paul Lam Ting-kwok as they discuss the report on money lending. Photo: Nora Tam

Hong Kong needs new law to combat city’s money lenders says watchdog, as aggressive sales tactics and skyrocketing interest rates see multiple bankruptcies soar

  • The number of people with multiple bankruptcies is up 309 per cent in six years despite an overall fall in cases
  • One debtor accumulated 37 loans totalling about HK$300,000 in the space of a year, with another racking up 120 different debts
Topic |   Consumer protection in Hong Kong

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Samuel Chan Ka-yan, chairman of the Consumer Council’s legal protection committee (left), sits alongside council chairman Paul Lam Ting-kwok as they discuss the report on money lending. Photo: Nora Tam
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