People at The Guardian apparently read through our HSBC credit card complaints recently. The Guardian is reporting:

Write-offs at the credit card arm of HSBC Finance Corporation (HFC), formerly Household, a sub-prime lender, could double to $10bn in 2009, according to brokers. Fears are growing that the bank could be forced to ask shareholders for more cash, on top of the £12.5bn it raised during its recent rights issue designed to bolster its balance sheet.

HSBC already hurt credit crad customers by lowering credit limits and increasing interest rates. The bank says it has the right to protect themselves, while many customers see a domino effect.

Lower credit limits often translate to lower credit scores as debt to available credit ratios make people look like poor risks.

Many merchants are discontinuing rewards programs and cash-back bonuses. Also part of HSBC’s credit card operations, rewards programs are hard hit by a slowing economy.

Related posts:

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2. HSBC may need cash as customer anger mounts
3. HSBC pulls more credit cards from affiliate marketers
4. HSBC CML denying Christmas cash to customers
5. Cash out HSBC pensions with 3 or more years of service?