THE Government rightly pressured banks to stop over-extending credit for speculation in the housing market and stock exchange flotation lotteries.
Another area of the finance industry that may need controlling is the credit card business.
My credit card company informed me last month that it had increased my credit ceiling by 17 per cent.
Last year, it raised it by 26 per cent, duplicating the increase it had given me in 1990. My ceiling is now five times higher than it was in October 1988. I wish my income had spiralled so much and so effortlessly.
None of the last three increases were requested by me, and my card usage has not warranted the increase.
The credit card company has never asked me for any proof that my income has risen at all, let alone five-fold, in the past 55 months. Why is it so eager to give me credit I did not ask for and do not need? The reason is Mephistophelian.
The boost in my credit card ceiling is designed to tempt me into spending sprees that will boost the company's income.