Some months ago Tiresias took the opportunity to suggest that credit card companies had some responsibility for the approaching credit crisis, and that it was time that they took action to restrict the use of credit to sustainable levels.
Such is the influence of this blog that response was almost immediate. Egg took a stern line with customers who evidently had no intention of clearing their accounts, by blocking any further transactions. A harsh move, but one in the right direction.
Less commendable was their apparent attempted dropping of customers who regularly cleared their accounts by direct debit, presumably because they never paid exorbitant interest charges.
Is this the sort of action that Tiresias was recommending?
Er - well, no. But then, that's the way of fairy wishes. Readers of the brothers Grimm will know that they generally carry a nasty sting in the tail. Perhaps Tiresias would do better not to dabble in financial matters in future.
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