HSBC Direct performed a new survey. “It’s difficult to change,” said Kevin Martin, executive vice president of Personal Financial Services, HSBC Bank. The survey showed that those who have the self control, mindset, and ability to save regularly are unhurt by the current financial crisis.
While the survey seems to be self-serving to some degree, to say that savers are unhurt by the current crisis is not entirely true. Home prices declined, unemployment is up, and repercussions are seen throughout the United States.
“Our research shows that you can start saving money at any time,” Martin said. “You just need to move to a savings mentality. You can’t look at saving as a luxury. You should see it as an obligation.”
This first step in saving money is finding a credit card that you can trust. If you have HSBC credit cards you should look elsewhere, replacing them with a card company that will credit your payments on time.
Poeple say retirement is the primary reason to save. Overlooked in the survey is that over 30 percent of those over 55 were given subprime loans - many from HSBC. Not only are they in foreclosure, but many seniors spent their 401-K retirement savings trying to rescue their home, only to fail.
Clearly HSBC is looking for more deposits by encouraging people to save. Give your money to HSBC and leave it there.
Another survey, this time by the federal government, shows HSBC as #7 on a list of subprime lenders.
Indeed many banks have made saving easier. Some, such as HSBC, require no minimum amount to open an account. So if you only have $10 to start your savings plan, that’s fine. That may be all the money you have if you have an HFC or Beneficial Finance loan and an HSBC credit card.
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