In the first four months of this year, according to Vietnam Ministry of Planning and Investment, some 18, 000 businesses went bankrupt after falling victims of the credit crunch fuelled by inflation.
In fact, in data gathered by the Consumer Bankruptcy Project, two thirds of the seniors going bankrupt specifically cited credit card interest and fees as the reason for their filing.
One of the officials noted that about one in 10 jobs in America is tied to the auto industry and that if one of the companies goes bankrupt, it could have a massive spillover effect in the credit industry and other sectors.