For several years, banks in Hong Kong fought like jackals to sell their credit cards to the community.
Through media advertising and direct mailing, they promised easy payment and pressured the ordinary citizen into believing that living on borrowed money and deferred payments was a financially healthy way to conduct one's affairs.
However, with the economic downturn and job losses, ordinary citizens are unable to pay credit card debts and the banks have increased interest rates to try to force repayments, thus driving many people further into debt and possibly bankruptcy.
Banks must take some blame for personal debt problems in the community and should offer discounts to encourage individuals to clear accumulated debts.
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