Consumers with credit cards from HSBC constantly report violations fo the Federal Truth in Lending Act. (see the act here)

Violations date back to 1994 when credit cards were part of Household International, famous for evictions and predatory lending, according to consumer watchdog organization Household – HSBC Watch. In 2003 Household was renamed HSBC Finance after being purchased by HSBC Bank plc. Federal Truth in Lending Act violations continue, but credit card holders are strangled by binding arbitration. “Every time your HSBC issued credit card creates a problem for you it should be reported to your State Attorney General” according to Household – HSBC Watch. “Don’t let the HSBC name fool you – it’s still the world famous predator trying to make an extra dollar” the group went on to say.

Too many years and too many obvious violations of FDIC law continue to attract attention, which will eventually lead to another nationwide settlement against this shady lender according to some. Reports indicate consumers can do very little and HSBC Finance is willing to do even less. HSBC recently acquired Metris, who’s Direct Merchants credit card was the target of regulators recently. “HSBC continues to see billions in profits and the next settlement should be large enough to avert complaints like we saw with Household International and Ameriquest, where everybody said settlements were too low to adequately compensate victims” said Household – HSBC Watch.

To make a settlement possible credit card holders must report every incident, no matter how small, to their State Attorney General. This is a finely tuned predatory machine that thinks the customer is always wrong while the bank is shielded by binding arbitration. “Your State Attorney General and FDIC law are good options for escaping the stranglehold these predators have on your family and your financial future” said consumer advocates.

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