LONDON (AFP) - Internet bank Egg has cancelled the credit cards of around 160,000 customers who have a "higher than acceptable risk profile".
Egg, which was bought by Citigroup last year, denied the move was linked to the global credit crunch and has faced an angry backlash from some of those whose cards will stop working in 35 days.
The BBC news then goes on to rustle up an outraged cardholder who allegedly has zero debt, no matter how much of an outlier from the mean they might be.
As the saying goes "the plural of annecdote is not data." I seriously doubt that the majority of cardholders whose credit has been yanked had immaculate credit scores, nor "zero debt." In fact, it's tempting to overlook the obvious motivation that Egg is reducing it's exposure to default risk and briefly fantasize that they're acting altruistically for their client's own good. Wouldn't that be lovely?
Sphere: Related Content
1 comment:
Quotes that may be relevant:
"Cause and effect." - The Mirovingian - "The Matrix: Revolutions"
"If I show up at your door it's for a reason." - John Cusack as Martin Q. Blank in "Grosse Point Blank"
"The pension fund was just sitting there." - Uncle Duke from "Doonesbury"
"He who calls the tune must pay the piper." - English proverb
Were the cardholders forced to use their credit at gunpoint?!?
I thought not.
Post a Comment