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, […]

With the United States in a recession the double-speak is interesting. Some call the recession of 2000-2001 a “mini-recession.” Now HSBC’s Douglas Flint has a “technical recession.” HSBC finance director Douglas Flint said: “The issue now is the US slowdown and whether it enters a technical recession, and what that does to […]

A study conducted by Citizens for Equal Access to Credit found that a large percentage of subprime credit card users improved their credit rating within a two-year period. Based on a study of 360,000 card users, at least 35 percent of consumers with low-limit credit cards improved their credit scores in two years. […]

HSBC made the news again. This time it was an article about home equity lines of credit — or the fact that such credit lines are frozen or gone all together. When Denise Lopez bought two new tables, a floor lamp and a chair recently, her intent was to finance it with her […]

HSBC received a firm offer for its French units according to Bloomberg. 400 branches only gave HSBC 20 percent of pre-tax profits so they are being sold for 2.1 billion euros, which is $3.2 billion (USD). Apparently the Household International deal has gone sour in the United States as well.

HSCB plans to earn […]

Democratic Sen. Carl Levin of Michigan, chairman of the subcommittee, said that it seemed “unfair” for credit card issuers to raise customers’ interest rates if they paid their bills on time. He pointed out that other card issuers, such as Chase, have said that they will no longer raise interest rates based on changes to […]

The final outcome of Shea vs Household was as follows, and is filed in Superior Court for the State of California, Case Number 00CC12585, published March 19, 2004. The Honorable Stephen J. Sundvold presided.

The lawsuit alleged that Household imposed certain finance charges, late fees, a overlimit fees between October 20, 1994 and March 18, 2004 […]

HSBC Direct announced a new promotion and sweepstakes but the offer may not be very good. Since HSBC Direct is part of HSBC USA - HSBC North AMerica Holdings we wonder how much information is shared within the company. Primarily we are concerned about HSBC Finance Corporation - which is the old Household […]

JF in Pennsylvania sent this report, which we publish in both of our blogs: “How household Financial gets their mortgage customers and makes money? As you probably already know HFC/Beneficial send out live checks in the mail to thousands across the USA monthly. These range from anywhere from 5k, 7k, 10k. They are at […]

Thousands of university graduates have been left out of pocket after HSBC broke a promise of interest-free overdrafts and started charging bank fees. High street bank HSBC offered students an overdraft of up to £1500 for the first 12 months after leaving university without being charged an incentive to bank with them. Under the […]