A trio of reports from outside the US. "Struggling Britons, who are weighed down by loans and credit card debt, are going bust in record numbers. HSBC today revealed that it has been forced to write-off £2 billion in the first half of this year, much of it loaned to British customers."

"While the bank said it has deliberately reduced its share of the unsecured lending market, loans and credit cards, as a result. However, the decision looks like closing the stable door after the horse has bolted. There is a raft of evidence that high street banks have been guilty of reckless lending over the past 4-5 years."

From Australia. "The number of Victorians being sent to the wall by their mortgages has jumped dramatically, with home-loan defaults up a massive 50 per cent this year. Most of the claims, upwards of 95 per cent, relate to private home owners defaulting on mortgage repayments."

"Ian Mackintosh said another rate rise would push many people into financial crisis. 'A lot of people have next to no disposable income once their mortgage and other repayments are met, they simply have no room to move,' he said."

"(Credit counselor) Carolyn Bond, said: 'We see a lot of people who are right on the edge, and it's not going to take much to tip them over. But if an interest rise is going to worry you, or is going to cause you to default, it's a message you are already in trouble.'"

The Australian. "Perth house prices have soared 10.1 per cent in the past three months. BankWest rejected suggestions that Perth was experiencing a housing bubble. David Willis, CEO of BankWest's owner, said he was 'reassured by the substance' of the state's growth."

"Perth couple Brian and Eileen Bowden are among thousands reaping the benefits of the state's robust economy as they prepare to extract a $100,000 profit on their home in just six weeks. 'The people who we bought this house from made $100,000 off us, so it's a non-stop cycle,' Mr Bowden said."

"BIS Shrapnel building services director Robert Mellor said the Perth market was in danger of overheating. 'If we see another 10 per cent or 15 per cent growth in the next six months, I would be running very fast from the Perth market,' Mr Mellor said."