SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _______
Commission File No. 33-97296
HOUSEHOLD CREDIT CARD MASTER TRUST I
(Exact name of Registrant as specified in Department
of the Treasury, Internal Revenue Service Form SS-4)
HOUSEHOLD FINANCE CORPORATION
(Servicer of the Trust)
(Exact name as specified in Servicer's charter)
DELAWARE 36-3670374
(State or other jurisdiction of (I.R.S. Employer
incorporation of Servicer) Identification Number of
Registrant)
2700 SANDERS ROAD, PROSPECT HEIGHTS, ILLINOIS 60070
(Address of principal executive offices of (Zip Code)
Servicer)
Servicer's telephone number, including area code (847) 564-5000
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the Registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes X No _____
The aggregate principal amount of the Certificates held by non-
affiliates of the Servicer as of December 31, 1996 was
approximately $1.7 billion.
<PAGE>
INTRODUCTORY NOTE
Household Card Funding Corporation (the "Transferor") is the
transferor under a Pooling and Servicing Agreement (the
"Agreement") dated as of December 1, 1995, by and among the
Transferor, Household Finance Corporation, as Servicer (the
"Servicer") and The Bank of New York, as trustee (the "Trustee"),
as supplemented by the Series Supplements, providing for the
issuance of Credit Card Participation Certificates (the
"Certificates"), and is the originator of the trust called the
Household Credit Card Master Trust I (the "Registrant" or the
"Trust").
Each Certificate represents an undivided interest in the
Trust. The Series 1995-1 Supplement dated as of December 1, 1995,
(the "Series 1995-1 Supplement") among the Transferor, the Servicer
and the Trustee created a Series of Investor Certificates
designated as Household Credit Cared Master Trust, Series 1995-
1;consisting of two classes; a senior class designated as Floating
Rate Class A Credit Card Participation Certificates, Series 1995-1
and a subordinated class designated as Floating Rate Class B Credit
Card Participation Certificates, Series 1995-1. In additional,
there is a Seller Certificate outstanding representing an undivided
interest in the Trust that is not otherwise represented by the
Series 1995-1 Investor Certificates. The Registrant has prepared
this Form 10-K in reliance upon various no-action letters issued by
the Securities and Exchange Commission (the "Commission") to other
trusts which are substantially similar to the Trust. Items
designated herein as "Not Applicable" have been omitted as a result
of this reliance.
<PAGE>
PART I
Item 1. Business.
Not Applicable.
Item 2. Properties.
Not Applicable.
Item 3. Legal Proceedings.
The Servicer is not aware of any material pending legal
proceedings involving either the Registrant, the Trustee,
the Seller or the Servicer with respect to the
Certificates or the Registrant's property.
Item 4. Submission of Matters to a Vote of Security Holders.
No vote or consent of the holders of the Certificates
(the "Certificateholders") was solicited for any purpose
during the year ended December 31, 1996.
PART II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters.
To the best knowledge of the Servicer, there is no
established public trading market for the Certificates.
As of January 31, 1997, there were 5 Class A
Certificateholders and 9 Class B Certificateholders, some
of whom may be holding Certificates for the accounts of
others.
Item 6. Selected Financial Data.
Not Applicable.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Not Applicable.
<PAGE>
Item 8. Financial Statements and Supplementary Data.
Not Applicable.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.
None.
PART III
Item 10. Directors and Executive Officers of the Registrant.
Not Applicable.
Item 11. Executive Compensation.
Not Applicable.
Item 12. Security Ownership of Certain Beneficial Owners and
Management.
The following table sets forth (i) the name and address
of each entity owning more than 5% of the outstanding
principal amount of the Class A or the Class B
Certificates; (ii) the principal amount of Certificates
owned by each and (iii) the percent that the principal
amount of Certificates owned represents of the
outstanding principal amount of the Class A or the Class
B Certificates. The information set forth in the table
is based upon information obtained by the Servicer from
the Trustee and from The Depository Trust Company as of
January 31, 1997. The Servicer is not aware of any
Schedules 13D or 13G filed with the Securities and
Exchange Commission in respect of the Certificates.
<PAGE>
Amount Owned
All dollar amounts are
in thousands
Name and Address Principal Percent
Class A Certificateholders
Bank of New York $1,197,000 79.80
925 Patterson Plank Road
Secaucus, NJ 07094
Chase Manhattan Bank, N.A. $ 300,000 20.00
One Chase Manhattan Plaza
3B - Proxy Department
New York, NY 10081
<PAGE>
Amount Owned
All dollar amounts are
in thousands
Name and Address Principal Percent
Class B Certificateholders
Bankers Trust Company $ 16,175 7.55
c/o BT Services Tennessee Inc.
Pension Trust Services
648 Grassmere Park Drive
Nashville, TN 37211
Bankers Trust Co./Investment A/C $ 15,000 7.00
16 Wall Street - 5th Floor
New York, Ny 10005
Chase Manhattan Bank $ 35,000 16.33
One Chase Manhattan Plaza
3B - Proxy Department
New York, NY 10081
Chase Manhattan Bank/Chemical $ 32,286 15.07
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
First National Bank of Chicago $ 25,000 11.67
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
Swiss American Securities, Inc. $ 72,000 33.60
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
Item 13. Certain Relationships and Related Transactions.
None or Not Applicable.
<PAGE>
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K.
(a) List the following documents filed as a part of the
report:
(1) Financial Statements
Not Applicable.
(2) Financial Statement Schedules
Not Applicable.
(3) The Servicer is obligated to prepare
an Annual Statement to Certificateholders for
the year 1996, and Independent Public
Accountants are required to prepare an Annual
Servicing Report pertaining to the compliance
of the Servicer with its servicing obligations
pursuant to the Agreement. Copies of said
documents are or will be filed as exhibits to
this Form 10-k when they are available.
(b) The Registrant filed the following current reports
on Form 8-K for the fourth quarter of 1996:
Date of Reports Items Covered
October 15, 1996 Item 7 -- Statement to
November 15, 1996 Certificateholders with respect
December 16, 1996 to distributions made on
October 15, 1996, November 15,
1996 and December 16, 1996.
(c) Exhibit 99. Copy of Annual Statement to
Certificateholders for the year 1996.
(d) Not Applicable.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Servicer has duly caused this
report to be signed on behalf of the Household Credit Card Trust
1995-1 by the undersigned, thereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION,
as Servicer of and on behalf of the
HOUSEHOLD CREDIT CARD TRUST 1995-1
(Registrant)
Date: February 17, 1997 By:John W. Blenke
John W. Blenke
Assistant Secretary
U:\WP\HFS088\95-10K\CC95-1
<PAGE>
Exhibit Index
Exhibit No. Exhibit Page No.
99 Copy of Annual Statement to
Certificateholders for the year
ended December 31, 1996.
Household Finance Corporation
Household Card Funding Corp.
Household Credit Card Master Trust I , Series 1995-1
CLASS A CERTIFICATEHOLDER'S STATEMENT
Sum of 1/16/96 to 12/16/96
Distributions
A. Information Regarding Distributions
1. Total distribution per $1,000 interest 57.69454027
2. Principal distribution per $1,000 interest 0.00000000
3. Interest distribution per $1,000 interest 57.69454027
B. Calculation of Class A Interest
1. Calculation of Class A Certificate Rate
(a) One-month LIBOR N/A
(b) Spread N/A
(c) Class A Certificate Rate N/A
2. Beginning Invested Amount N/A
3. Days in Interest Period N/A
C. Performance of Trust
1. Collections of Receivables
(a) Total Collections 2,978,495,840.83
(b) Collections of Finance Charge and Administrative Receivables
497,900,630.74
(c) Collections of Principal 2,480,595,210.09
2. Allocation of Receivables
(a) Class A Invested Percentage 75.000%
(b) Principal Allocation Percentage N/A
3. Gross Delinquent Balances
(a) Delinquent 5 - 29 days 192,268,699.75
% of Gross Receivables 6.01%
(b) Delinquent 30 - 59 days 60,666,559.16
% of Gross Receivables 1.90%
(c) Delinquent 60+ days 140,680,760.21
% of Gross Receivables 4.39%
4. Class A Investor Default Amount 93,930,357.67
<PAGE>
CLASS A CERTIFICATEHOLDER'S STATEMENT
Sum of 1/16/96 to 12/16/96
Distributions
5. Class A Investor Charge-offs; Reimbursement of Charge-offs
(a) Class A Investor Charge-offs, if any, for the Distribution
Date 0.00
(b) The amount of Item 5.(a) per $1,000 interest 0.00
(c) Total reimbursed to Trust in respect of Class A Investor
Charge-offs 0.00
(d) The amount of Item 5.(c) per $1,000 interest 0.00
(e) The amount, if any, by which the outstanding principal balance
of the Class A Certificates exceeds the class A Invested
Amount as of the end of the Distribution Date 0.00
6. Allocable Servicing Fee paid for the Distribution Date 39,999,999.96
7. Deficit Controlled Amortization Amount for the Distribution Date
0.00
D. Class A Pool Factor 1.000000
E. Receivables Balances
1. Principal Receivables as of the last day of the preceding Due Period
3,144,621,647.66
2. Finance Charge and Administrative Receivables as of the last day
of the preceding Due Period 56,692,168.92
F. Class B Certificates
1. Class B Invested Amount as of the end of the Distribution Date
214,286,000.00
2. Available Collateral Invested Amount as of the end of the
Distribution Date 285,714,000.00
<PAGE>
Household Finance Corporation
Household Card Funding Corp.
Household Credit Card Master Trust I , Series 1995-1
CLASS B CERTIFICATEHOLDER'S STATEMENT
Sum of 1/16/96 to 12/16/96
Distributions
A. Information Regarding Distributions
1. Total distribution per $1,000 interest 59.52954029
2. Principal distribution per $1,000 interest 0.00000000
3. Interest distribution per $1,000 interest 59.52954029
B. Calculation of Class B Interest
1. Calculation of Class B Certificate Rate
(a) One-month LIBOR N/A
(b) Spread N/A
(c) Class B Certificate Rate N/A
2. Beginning Invested Amount N/A
3. Days in Interest Period N/A
C. Performance of Trust
1. Collections of Receivables
(a) Total Collections 2,978,495,840.83
(b) Collections of Finance Charge and Administrative Receivables
497,900,630.74
(c) Collections of Principal 2,480,595,210.09
2. Allocation of Receivables
(a) Class B Invested Percentage 10.7143%
(b) Principal Allocation Percentage N/A
3. Gross Delinquent Balances
(a) Delinquent 5 - 29 days 192,268,699.75
% of Gross Receivables 6.01%
(b) Delinquent 30 - 59 days 60,666,559.16
% of Gross Receivables 1.90%
(c) Delinquent 60+ days 140,680,760.21
% of Gross Receivables 4.39%
4. Class B Investor Default Amount 13,418,640.42
<PAGE>
CLASS B CERTIFICATEHOLDER'S STATEMENT
Sum of 1/16/96 to 12/16/96
Distributions
5. Class B Investor Charge-offs; Reimbursement of Charge-offs
(a) Class B Investor Charge-offs, if any, for the Distribution
Date 0.00
(b) The amount of Item 5.(a) per $1,000 interest 0.00
(c) Total reimbursed to Trust in respect of Class B Investor
Charge-offs 0.00
(d) The amount of Item 5.(c) per $1,000 interest 0.00
(e) The amount, if any, by which the outstanding principal balance
of the Class B Certificates exceeds the Class B Invested
Amount as of the end of the Distribution Date 0.00
6. Available Cash Collateral Amount
(a) Available Cash Collateral Amount at the end of the Distribution
Date 0.00
(b) Available Cash Collateral Amount as a percent of the Class B
Invested Amount, each at the end of the Distribution
Date 0.00%
7. Available Collateral Invested Amount 285,714,000.00
8. Deficit Controlled Amortization Amount for the Distribution Date
0.00
D. Class B Pool Factor 1.0000000
E. Receivables Balances
1. Principal Receivables as of the last day of the preceding Due Period
3,144,621,647.66
2. Finance Charge and Administrative Receivables as of the last day
of the preceding Due Period 56,692,168.92
