Household HSBC Watch

Bankruptcy laws were changed and strengthened in 2005. Then greedy banksters, mortgage brokers, and lending companies felt safe. They could do whatever they wanted to do, since it was harder to declare bankruptcy. Nationally, the total number of bankruptcies filed in the first half of 2008, however, rose 29.2 percent, to 522,205, […]

“What started in 1994 as predatory lending under then-CEO William F. Aldinger finally began to fall like feathers in the wind by 2007″ said Household - HSBC Watch. “People need to understand that HSBC Finance has a major credit card operation and they will try to make up earnings somewhere, and regulators seem […]

Look for signs of consolidation and streamlining as HSBC possibly looks to clean up their United States image by unloading predatory lender Household International, now called HSBC Finance Corporation. The North American division accounted for almost two-thirds of HSBC’s $10.6 billion in loan-loss provisions for 2006. HSBC earned $4.7 billion before tax in North America […]

NEW YORK - With retail sales proving more sluggish than expected — and concerns that home heating bills will crimp sales even further — many retailers are finding the need to be more creative this winter.

Household International, known nationwide for high interest rates and predatory lending and now owned by HSBC, can help […]

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 […]

Soaring gas prices are turning a record number of Americans into credit-card deadbeats. Credit card delinquencies - that’s bills overdue by at least 30 days - reached a record high of 4.81% of accounts in the three months ending in June, the American Bankers Association announced yesterday. That’s compared with 4.76% in the first […]

September 29, 2005 Credit card delinquencies shot to a record high in the second quarter, as consumers tried to keep up with rising gas prices and increasing interest rates without curtailing spending, a report showed yesterday. The percentage of credit card accounts that were 30 days or more past due rose to 4.81 […]

Metris was created in 1998 when it was spun off from catalog retailer Fingerhut Cos. The company’s marketing of credit cards to lower-income households in the late 1990s and early 2000s increased defaults and delinquencies, leading to combined losses of $149.3 million in 2002 and 2003. HSBC Finance Corporation bought Metris, as announced […]

While overall mortgage delinquencies dropped in the first quarter of 2005, subprime delinquencies rose. Advocates at Household - HSBC Watch explained that one factor may be, under international accounting rules, that HSBC (formerly Household International) Finance Corporation is required to report home mortgages correctly for the first time in years. “During their transition […]