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This past summer’s subprime meltdown involved about $900 billion in now-suspect securitized debt, reckless lending, and consumers who buckled under the weight of loans they couldn’t afford. Now another link in the consumer debt chain – credit cards – is starting to show signs of strain. And the fear that the $915 billion in U.S. credit card debt (an uncannily similar figure) may blow up has major financial institutions like Citigroup, American Express, and Bank of America strapping on their Kevlar vests.
HSBC is also looking at this problem. Analysts say similar problems in the U.K. signal a debt problem similar to the problem in the United States. The U.K., however, is on a timeline ahead of the U.S. – meaning banks such as HSBC get a window to the future. The future is not pretty. In HSBC’s case the bank was stung by subprime to the tune of over $10 billion. If credit cards go into default another financial disaster could mean the acquisition of Household International was a very bad idea.
This article, HSBC watches credit card debt closely, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
One Comment
How come you provide links to sign up for HSBC Credit Cards if this is an HSBC Watchdog site?
Very confusing and disconcerting to see this.
10 Trackbacks
[...] Hayli Morrison authored an informative article on credit cards todayHere’s a brief passageNow another link in the consumer debt chain – credit cards – is starting to show signs of strain. And the fear that the $915 billion in US […] — This is a summary only. Visit http://www.householdwatch.com for the full article – [...]
[...] Read the rest of this great post here [...]
[...] Read the rest of this great post here [...]
[...] HSBC watches credit card debt closely This past summer’s subprime meltdown involved about $900 billion in now-suspect securitized debt, reckless lending, and consumers who buckled under the weight of loans they couldn’t afford. Now another link in the consumer debt chain – credit cards – is starting to show signs of strain. … [...]
[...] Research put an intriguing blog post on HSBC watches credit card debt closely.Here’s a quick excerpt:This past summer’s subprime meltdown involved about $900 billion in now-suspect securitized debt, reckless lending, and consumers who buckled under the weight of loans they couldn’t afford. Now another link in the consumer debt chain … [...]
[...] Research placed an interesting blog post on HSBC watches credit card debt closely.Here’s a brief overview:Now another link in the consumer debt chain – credit cards – is starting to show signs of strain. And the fear that the $915 billion in US […] — This is a summary only. Visit http://www.householdwatch.com for the full article – [...]
[...] Research created an interesting post today on HSBC watches credit card debt closely.Here’s a short outline:This past summer’s subprime meltdown involved about $900 billion in now-suspect securitized debt, reckless lending, and consumers who buckled under the weight of loans they couldn’t afford. Now another link in the consumer debt chain … [...]
[...] Tim Ramsey wrote an interesting post today onHere’s a quick excerptNow another link in the consumer debt chain – credit cards – is starting to show signs of strain. And the fear that the $915 billion in US […] — This is a summary only. Visit http://www.householdwatch.com for the full article – [...]
[...] unknown wrote an interesting post today onHere’s a quick excerptNow another link in the consumer debt chain – credit cards – is starting to show signs of strain. And the fear that the $915 billion in US […] — This is a summary only. Visit http://www.householdwatch.com for the full article – [...]
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