Busted: Bankers and The Global Economy

February 2, 2008

British bank to cancel thousands of credit cards

Filed under: banking, credit, investment, money — Tags: , , , , , , , — digitaleconomy @ 7:49 pm

AFP Article 2/2/08

With the heat turned up on the British financial market and the Bank of England, it is no surprise that British banks are especially goosey right now. The British internet bank “Egg” owned by Citibank recently decided to drop customers with a “higher than acceptable risk profile. The move has hit seven percent of Egg’s two million credit card holders. It is not asking for immediate balance repayments or changing terms and conditions”. Naturally, seven percent of the customers affected might be unhappy. Institutions like Citibank are much more guarded than previously because of the unstable financial situation they find themselves in. The market can expect more cuts and closer scrutiny worldwide as the market and scrutiny of external government agencies tightens the banking and finance market. ~ E.M.


1 Comment

  1. I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.

    Susan Kishner

    Comment by Susan Kishner — February 2, 2008 @ 7:57 pm

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