Payback Time

Hong Kong banks have crammed credit card offers down people's throats for years.

Every week I get bank junk mail promising more spending power, more flexibility, blah blah blah, if I but sign up for their incredible credit card.

But banks are cutting the legs out from underneath their customers, by reducing credit limits and stifling lending policies, in response to the economic downturn.

Banks helped create personal debt, which in turn has resulted in bad payment histories and bankruptcies. They're unable to collect their money.

Boo hoo. They did it to themselves.

They're like banks all over the world: they give you an umbrella when it's sunny and take it away when it's raining.

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