Loan sharks on the rise in Japan along with bankruptcies
With the economy in the doldrums for years and unemployment at a record high, Japanese are racking up debts, falling prey to loan sharks and declaring bankruptcy by the thousands.
...Lenders can legally charge up to 29 percent interest in Japan, but many exploit people's ignorance about the law and charge far higher interest, such as 50 percent over 10 days. In Japan, family ties tend to be strong and the nightmare of bad debts can spread to relatives, who often co-sign loans.
-- AP / Wednesday, Feb 12, 2003