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HOUSEHOLD INTERNATIONAL INC. Prospect Heights, Illinois Foresight Pays Off In Shift To Secured Loans.(THE NEW AMERICA)
Byline: CHRIS WOODARD
A couple of years ago, when it looked like the highflying economy would last forever, Household International Inc. was busy digging trenches to get ready for a recession.
The consumer finance company accelerated its shift from issuing unsecured credit card debt to secured home-equity loans, and began the task of doubling its collection staff from 2,500 to 5,000 employees.
Today, pure credit card companies such as MBNA, Capital One Financial Co. and Providian Financial Corp. face mounting credit losses. Household, with its more stable portfolio of loans, is projecting 15% earnings growth this year and next.
Chief Executive William Aldinger says if the company delivers as he expects in the fourth quarter, Household will have churned out 18% compounded earnings growth over the past seven years.
"When you look at the premier, quality financial institutions in the United States, we've managed to perform as well or even outperform them," he said.
Household provides consumer finance, private-label credit cards, auto finance and credit insurance products in the U.S., United Kingdom and Canada. The 123-year-old company provides consumer loans through its HFC and Beneficial brands at 1,600 branches in the U.S., mostly in working-class neighborhoods.
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