Household HSBC Watch

Financial service agencies push RALs as a way of making ends meet sooner, but in reality, say consumer advocates, these loans are far from a good deal, or even a fair one. In 2003, consumers took out more than 12 million RALs, costing over $1 billion in loan fees alone, not including other processing payments that accompany tax services, according to a report issued last month by the National Consumer Law Center (NCLC) and Consumer Federation of America (CFA).

“HSBC through its predaotry lending arm HSBC Finance Corporation - the former Household International - is the self proclaimed leader in the RAC and RAL business” said consumer advocates at Household - HSBC Watch. “They even have kiosks at WalMart” said the group.