In a recent report emanating from US, it seems that American Express has started offering its card holders up to 15000 Rupees (300 US Dollars) so that they can clear their outstanding dues on their existing credit cards and stop using them!
Such a disaster was imminent given the way banks have gone and distributed credit cards. In India too leading banks such as ICICI, HDFC, Citibank, Standard Chartered, etc have bent all rules and often given multiple credit cards to people who were not so deserving.
We at CCAI have been warning about the crisis but to no avail.
On top of this the exorbitant interest being charged by these banks along with job losses will lead to more defaults and may lead to the collapse of banks who have tread this path.
Read the story here
Thursday 26 February, 2009
Subscribe to:
Posts (Atom)
