Watch for the possibility that more of HSBC’s merchants in the apparel industry may report more in a continuing string of losses. Higher fuel prices and less discretionary income, combined with credit cards from a predatory lender, may mean more dismal quarterly reports.
“Payouts under Shea v Household (HSBC) are scheduled for 2006. When current card holders see the reason behind the payouts they will become more leary of in-store credit cards issued by HSBC such as Best Buy, Bon Ton and Saks cards” said HSBC Watch. Settlements in Shea v Household (HSBC) are for applying payments as “late” during the period 1994 through 2004, even though said payments were not late. “There is no evidence to suggest this practice has ceased” said a member of HSBC Watch.
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