There is a tendancy to make the holidays seem normal, even if mortgage issues have people worried. Credit card “interest free” promotions might be tempting, but please read this article by Household – HSBC Watch first. Misleading credit card promotions could result in a big bill for interest charges, thus making it even more difficult to stay within the budget and make the house payment. The issue in question is the Best Buy credit card backed by HSBC Finance, formerly Household International. Alleged deceptive billing means the final payment must be received five days before the due date to qualify for the interest free promotion. The buyer’s statement, however, shows a due date which is five days after the cutoff.
HSBC is also heavily involved in subprime mortgage loans and has sufferred billions in losses. Consumer advocates received 212 complaints about HSBC Finance over the past year.