Bally, the nation's largest operator of gym clubs, sold 8 percent of its membership receivables portfolio to Household International Inc
Household International Inc, famous for predatory lending, is a wholly owned subsidiary of HSBC. The name change for Household International came on 15 December 2004. They are now called HSBC Finance Corporation.
Bally, with complete disregard for nationwide predatory lending, and pending RICO (racketeering influence and corrupt organization) charges against H&R Block and Housuehold - HSBC, aligned eight percent of their customers with the predator. Thumbs down to Bally.
Will this move run off the other 92 percent of Bally customers? Time will tell. Will the move make Bally's customer more cautious? It certainly should.