Musicians Friend Signs Up With Predatory Lender
HSBC Retail Services said it has bought a credit receivables portfolio worth around 40 mln usd from Musician’s Friend, the musical instruments direct retailer.
Retail Services, an HSBC Holdings unit which issues branded credit cards in the US, took on the debt portfolio under a five-year agreement which saw it paying a premium of around 200,000 usd.
HSBC Retail Services is also managing the credit card program of Musician’s Friend and its brands Musician.com and Giardinelli.
Credit is handled by HSBC Finance Corporation which is predatory lender Household International with a new name. As musicians ourselves we are saddened by recent decisions by Musicians Friend, as they are a friend no more. Here is an example of how HSBC, HFC, and Beneficial Finance operate.
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