The Curmudgeon


Saturday, January 29, 2005

News 2020

Futures traders wishing to profit unfairly from the revelations contained herein are invited to apply to the reporter with appropriate incentives

Several British-based credit card companies are on the verge of financial ruin, despite the recent economic upturn resulting from the linkage of the pound sterling to the US dollar.

As more and more of the world's countries outside the international community follow the trend towards investing in euros, the value of pounds and dollars has plummeted over recent years.

The British economy has not suffered unduly thanks to the Government's cutbacks on non-necessary spending such as health, homes, education, public transport, law enforcement and other areas which are now dealt with almost exclusively by the altruistic wing of the private sector.

However, credit card companies such as FreeBee, Splurgitt and Club Richard Bast have suffered because of the irresponsibility of consumers who continually run up debts which they can afford to pay back only gradually, if at all.

Other consumers use their credit cards as little as possible and never spend more than they can pay back each month, which means that the companies are unable to charge more than a minimal rate of interest.

"If there is one thing credit companies dislike intensely, it is fiscal irresponsibility," said Splurgitt spokesperson Winona Gant. Splurgitt has recently been forced to sue selected consumers for the money they owe in order to recoup its losses.

"All we did was demand instant settlement of their accounts," said Ms Gant. "Most of them didn't have the money. It seems remarkably irresponsible to spend money you don't have just because a credit card company offers to lend it to you."

Last week the Government issued a formal apology to the credit card companies and pledged to do more to counter excessive and inadequate consumer spending.


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