Household HSBC Watch

Thursday, August 25, 2005 — U.S. personal bankruptcy filings in federal courts surged 18 percent in the three months through June from the prior quarter, as consumers rushed to beat the deadline for a new law that makes erasing debt more difficult, the Administrative Office of the U.S. Courts said. The number of filings under Chapter 7 of U.S. bankruptcy law, designed to allow individuals to keep certain assets while remaining property is sold to repay creditors, jumped to 308,028 in the quarter, the office, which provides support services to the federal judiciary system, said in a statement today.

“It will be interesting to watch the quarterly profit reports from HSBC, MBNA and others with high interest rates, questionable tactics and high fees” said Household - HSBC Watch. “Household International, HSBC, MBNA (Metris) and other sub-prime lenders and George Bush are the ones to thank for changes in bankruptcy laws. Predators pushed it and Bush swallowed it” the group said.