Bankruptcies Hit HSBC Bottom Line Profit
WASHINGTON — The rush of indebted consumers to file bankruptcy before a tough new law took effect pushed personal filings for 2005 to their highest annual level on record — more than 2 million, according to new data.
Significant increases in consumer bankruptcy filings occurred in every region, according to the data released Wednesday by Lundquist Consulting Inc., a financial research firm based in Burlingame, Calif. It tallied 2,043,535 new filings last year, up 31.6 percent from 1,552,967 in 2004 — meaning that one in every 53 households filed bankruptcy petitions, according to the company.
“At some point when dealing with a predatory lender the customer sees balances going up instead of down, payments misapplied or credited late, unwarranted fees accrue, and the customer decides the predator should take the hit. Predatory lenders forced many bankruptcy filings and we would like to see statistics on which companies took the hardest hits” said consumer advocates at Household - HSBC Watch.
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