Household HSBC Watch

The handwriting is on the wall and the stigma may soon be with certain merchants. Back when Household International was the nation’s top predatory lender, merchants would sign private label credit card agreements with Hosuehold, sacrificing their customers to a predator. Then HSBC bought Household International. One merchant even petitioned the court for a release from their contract with GE, saying Household (HSBC) would give them more profits and better approval rates.

Some HSBC merchants were already in trouble, and some were almost out of business. Some merchants HSBC are gone now, while others struggle. Take the case of Saks, downgraded by Standard and Poor’s, and an SEC investigation. “Google on this for a moment if you will” said Household - HSBC Watch, a consumer advocate organization. “HSBC Finance Corporation and HSBC Retail Services is the new name of Household International, the former predatory lender with a stained and tarnished reputation, but HSBC has not changed anything but the name as far as customers can see. Just look at the complaints, read Shea v Household, and look at the grand total of suits and settlements against former CEO William F. (Bill) Aldinger III.” said the group. HSBC owned Household International for two years of approximately ten years covered by Shea v. Household.

In the future if a company signs a retail services proprietory private label credit card agreement with HSBC, the street will take a good, long, and hard look at the company to find out why.