Household HSBC Watch

Thanks to HSBC’s desire to own predatory lender Household International, and Household’s target market of risky clients, a record number of late paying customers will hit HSBC very hard this quarter. Once again effecting HSBC’s overall profits, here is the article substantiating this claim:

Late Credit Card Payments Remain A Record High, Written by The Associated Press, Created:1/10/2006 11:36:38 AM

“The proportion of consumers behind on their credit card bills remained near record-high levels in the July-September period as high gasoline prices and rising interest rates continued to put stress on personal budgets.

The American Bankers Associated reported Tuesday that the percentage of credit card accounts 30 or more days past due dipped slightly to 4.74% in the July-September quarter from an all-time high of 4.81% in the spring.

Even with the slight decline, consumer card delinquencies in the late summer and early fall were at the third-highest level on record, prompting concerns about more problems to come…..”

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