Household HSBC Watch

One complaint to Household - HSBC Watch simply said “My interest rate was suddenly increased over the last 6 months. Also my bill indicates a late payment when all of my payments have been on time.”

In that case the person mailed their credit card payment to HSBC on the 7th of the month and it was not credited until the 16th, while all their other payments to everybody else were processed, cleared, and applied in a timely manner. HSBC made an extra $39 - however shady and questionable that might be. Shea vs Household says it is common practice.

But the dynamic ripple effect is part of the mortgage problem we see today. Credit card company #2 raises the customer’s rate. Then their mortgage company is on alert. A refinance is more costly, and the cycle continues, all perpetuated by a lie. And when one’s 2% fixed rate credit card goes up to 18% it’s a shock. The price of gasoline doubled. Home values are dropping. It is enough to convince people that they don’t stand a chance when they cannot sue and are bound by binding arbitration.

Does HSBC need the money? No doubt they do. But HSBC Finance does not have the right to steal it. They caused their own problems through deceit, and are not far removed from predatory lender Household International, which was the old name for this outfit. Just hearing the name says it all, doesn’t it?