SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report May 15, 1996
HOUSEHOLD CREDIT CARD TRUST 1991-1
(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 0-20158 Not Applicable
(State or other juris- (Commission File Number) (IRS Employer
diction of incorpora- Identification
tion of Master Servicer) Number of
Registrant)
2700 Sanders Road, Prospect Heights, Illinois 60070
(Address of principal executive offices of (Zip Code)
Master Servicer)
Servicer's telephone number, including area code 847/564-5000
Exhibit Index appears on page 3
<PAGE>
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99 Statement to Certificateholders with respect to the
distribution on May 15, 1996 provided under Section
5.02 of the Pooling and Servicing Agreement dated
as of September 1, 1991 among Household Receivables
Funding Corporation, as Seller, Household Finance
Corporation, as Servicer, and The Bank of New York,
as Trustee, with respect to Class A and Class B
Credit Card Participation Certificates.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Servicer has duly caused this report to be signed on
behalf of the Class A and Class B Credit Card Participation
Certificates by the undersigned hereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION,
as Servicer of and on behalf of the
HOUSEHOLD CREDIT CARD TRUST 1991-1
(Registrant)
By: /s/ J. W. Blenke
J. W. Blenke
Authorized Representative
Dated: May 20, 1996
-2-<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
4
99 Statement to Certificateholders with respect to
the distribution on May 15, 1996 provided under
Section 5.02 of the Pooling and Servicing
Agreement dated as of September 1, 1991 among
Household Receivables Funding Corporation, as
Seller, Household Finance Corporation, as
Servicer, and The Bank of New York, as Trustee,
with respect to Class A and Class B Credit Card
Participation Certificates.
U:\HFS088\8K
CARD91-1.8K
-3-
Household Finance Corporation
Household Receivables Funding Corporation Apr-96
Household Credit Card Trust 1991-1 05/15/96
*** Portfolio Activity Summary ***
Performance Ratios (expressed as a percentage of Principal Receivables)
Payment Rate 10.170%
Annualized Gross Cash Yield 16.953%
Annualized Default Rate 5.286%
Annualized Portfolio Yield 11.667%
Delinquency status of accounts:
1 payment ($) 39,089,160.62
1 payment (%) 4.92%
2 payments ($) 11,790,428.57
2 payments (%) 1.48%
3 payments or more ($) 22,557,274.94
3 payments or more (%) 2.84%
Total ($) 73,436,864.13
Total (%) 9.24%
Collections
Principal 69,857,555.40
Finance Charge 9,596,370.98
Fees 713,536.41
Allocated Interchange 826,449.00
Allocated Recoveries 0.00
Total 80,993,911.79
Adjustment Payments 0.00
Transfer Deposit Amount 0.00
Charge-Off Activity
Defaulted Receivables 3,674,917.10
Principal Recoveries 202,676.90
Defaulted Receivables Repurchased Pursuant to Article 2. 0.00
Defaulted Receivables Repurchased Pursuant to Article 3. 0.00
Defaulted Amount 3,472,240.20
*** Class A Floating Allocations ***
Class A Floating Allocation Percentage 0.0000000%
Class A Monthly Interest (Due) 0.00
Overdue Class A Monthly Interest (Due) 0.00
Class A Additional Interest (Due) 0.00
Overdue Class A Additional Interest (Due) 0.00
Class A Investor Default Amount 0.00
Monthly Servicing Fee (Due) 166,667.00
Required Amount 166,667.00
Funding of Required Amount:
From Excess FC&A to Pay Req. Amount 166,667.00
Reallocated Principal Receivables 0.00
Total ("Funded Required Amount") 166,667.00
Class A Percentage of FC&A 0.00
Funded Required Amount 166,667.00
Total Available for Class A Floating Allocations 166,667.00
Class A Monthly Interest (Paid) 0.00
Overdue Class A Monthly Interest (Paid) 0.00
Class A Additional Interest (Paid) 0.00
Overdue Class A Additional Interest (Paid) 0.00
Reimb. of Class A Investor Default Amount (Paid) 0.00
Monthly Servicing Fee (Paid) 166,667.00
Class A Interest Shortfall 0.00
*** Class B Floating Allocations ***
Class B Floating Allocation Percentage 12.6855838%
Class B Monthly Interest (Due) 338,541.67
Overdue Class B Monthly Interest (Due) 0.00
Class B Additional Interest (Due) 0.00
Overdue Class B Additional Interest (Due) 0.00
Class B Investor Default Amount 440,473.94
Class B Percentage of FC&A 1,412,711.82
From Excess FC&A (166,667.00)
Interest Withdrawal Amount 0.00
Total Available for Class B Floating Allocations 1,246,044.82
Class B Monthly Interest (Paid) 338,541.67
Overdue Class B Monthly Interest (Paid) 0.00
Class B Additional Interest (Paid) 0.00
Overdue Class B Additional Interest (Paid) 0.00
Reimb. Class B Investor Default Amount (Paid) 440,473.94
Class B Interest Shortfall 0.00
*** Reimbursement of Shortfalls ***
Excess FC&A Collections
Sources of Excess FC&A Collections
Excess Class A FC&A 0.00
Excess Class B FC&A 1,074,170.15
Total 1,074,170.15
Allocated to Required Amount 166,667.00
Allocated to reimburse Class A Investor Charge-Offs 0.00
Allocated to pay current or overdue Class B Monthly
Interest, Class B Additional Interest or the Cumulative
Excess Interest Amount 0.00
Allocated to fund the Class B Investor Default Amount 440,473.94
Allocated to reimburse Class B Invested Amount reduction 0.00
Allocated to the Cash Collateral Account 0.00
Allocated to the Cash Collateral Depositor 467,029.21
Reallocated Principal Receivables 0.00
*** Fixed Allocations ***
Amortization Events
Three Month Average Portfolio Yield Test Not Triggered
Other Amortization Events Not Triggered
Transaction Period Cont. Amort.
Fixed Allocation Percentage 84.7960389%
Fixed Allocation of Collections of Principal Rec. 59,236,439.83
Less: Reallocated Principal Collections 0.00
Plus: Excess FC&A Applied to Reimburse:
Class A Investor Charge Offs 0.00
Class A Investor Default Amounts 0.00
Class B Invested Amount Reductions 0.00
Class B Investor Default Amounts 440,473.94
Plus: Transfer Deposit Amount 0.00
Plus: Unallocated Principal Receivables 0.00
Plus: Adjustment Payment 0.00
Total Avail. to Pay Monthly Principal 59,676,913.77
Controlled Distribution Amount 0.00
Class A Monthly Principal (Due) 0.00
Class A Monthly Principal (Paid) 0.00
Deficit Controlled Amortization Amount 0.00
Total Available to Pay Class B Monthly Principal 59,676,913.77
Class B Monthly Principal (Due) 50,000,000.00
Class B Monthly Principal (Paid) 50,000,000.00
Excess Principal Collections (Available to Seller) 9,676,913.77
Unallocated Principal Collections 0.00
*** Funding Accounts ***
Class A Principal Funding Account deposit N/A
Principal Distributed to Class A Certificateholders 0.00
Class A Principal Funding Account Balance N/A
Class B Principal Funding Account deposits:
From the Collection Account N/A
Reimbursement Withdrawal Amount N/A
Special Withdrawal Amount N/A
Principal Distributed to Class B Certificateholders 50,000,000.00
Class B Principal Funding Account Balance N/A
Class A Interest Payment/Deposit
from Collection Account 0.00
from Principal Funding Account N/A
Paid to Class A Certificateholders 0.00
Principal Funding Account Balance N/A
Class B Interest Payment/Deposit
from Collection Account 338,541.67
from Principal Funding Account N/A
Paid to Class B Certificateholders 338,541.67
Principal Funding Account Balance N/A
Class A Investor Charge-Offs 0.00
Reimbursement of Class A Investor Charge-Offs 0.00
Cum. Unreimbursed Class A Investor Charge-Offs 0.00
Reduction Class B Invested Amt (Other than Class B ICO) 0.00
Class B Investor Charge-Offs 0.00
Reimbursement of Class B Investor Charge-Offs 0.00
Cum. Unreimbursed Class B Investor Charge-Offs & Red. 0.00
Deficit Controlled Amortization Amount
Principal Receivables outstanding 788,274,121.75
Finance Charge & Administrative Receivables outstanding 6,235,239.45
Class A Invested Amount 0.00
Class B Invested Amount 0.00
Class A Certificate Balance 0.00
Class B Certificate Balance 0.00
*** Cash Collateral Account ***
Cash Collateral Account:
Begin Balance 32,130,000.00
Deposit of Excess Collections 0.00
Withdrawal Amounts:
Interest Withdrawal Amount 0.00
Reimbursement Withdrawal Amount 0.00
Special Withdrawal Amount (P&S 4.14(d)) 0.00
Final Withdrawal Amount (P&S 4.14(d)) 0.00
Total 0.00
Net Available 32,130,000.00
Required Cash Collateral Amount 0.00
Cash Collateral Account Surplus Released 32,130,000.00
End Balance 0.00
Cash Collateral Loan Payments:
Excess Collections Allocated to Cash Collat. Depositor 467,029.21
Available Cash Collateral Account Surplus 3,570,000.00
Investment Earnings (see below) 143,091.49
Loan Interest (see below) 18,581.56
Repayment of Lender Loan Amount 3,570,000.00
Other Increased Costs 0.00
Class B Amort. Period Loan Prepayment 0.00
Balance of Funds Released to the Seller 591,539.14
Lender Loan:
Lender Loan Amount 3,570,000.00
Period Beginning Loan Balance Outstanding 3,570,000.00
Loan Interest & Fees:
No. of Days in Interest Period 30
Standard Rate Based Portion 3,570,000.00
Standard Rate (from Agent) 6.35%
Standard Rate Based Interest (incl. Loan Margin) 18,581.56
Risk Rate Based Portion 0.00
Risk Rate (from Agent) 0.00%
Risk Rate Based Interest 0.00
Total Loan Interest 18,581.56
Repayment from Excess Funds 3,570,000.00
Period Ending Loan Balance Outstanding 0.00
Cash Collateral Accounts:
Lender Collateral Account:
Period Beginning Balance 3,570,000.00
Deposit 0.00
Withdrawal to Pay Trust 0.00
Release of Excess 3,570,000.00
Period Ending Balance 0.00
Earnings Rate (see Standard Rate above) 5.35%
Interest Earnings 15,655.33
Excess Spread Collateral Account:
Period Beginning Balance 28,560,000.00
Deposit 0.00
Withdrawal to Pay Trust 0.00
Release of Excess 28,560,000.00
Period Ending Balance 0.00
Interest Earnings 127,436.16
Total Period Ending Balance of Investments 0.00
Excess Interest Amount 0.00
Deposits of Excess Interest Amount
into Class B Interest Funding Account 0.00
Cumulative Excess Interest Amount 0.00
Defaulted Receivables 3,674,917.10
Amount required to be on deposit in Collection Account
Collections 80,993,911.79
Transfer Deposit Amount 0.00
Adjustment Payment 0.00
Total 80,993,911.79
Distributions to the Seller
(During Revolving Period)
Seller's Percentage of FC&A (Section 4.03(b)(i)(A)) N/A
Non-Class B Principal Collections (Section 4.03(b)(i)(B)N/A
Excess of Class B Principal Collections over Reallocated
Principal Collections (Section 4.03(b)(i)(C)) N/A
(During Controlled Amort. Period)
Seller's Percentage of FC&A (Section 4.03(b)(ii)(A)) 9,723,644.57
Seller's Percentage of Principal (Section 4.03(b)(ii)(B) 10,621,115.57
(During Rev./Controlled Amort. Period)
Class A Investor Default Amount 0.00
Class B Investor Default Amount 440,473.94
Distributions from the Collection Account to the Sell 20,785,234.08
RECONCILIATION
Total Collections: 80,993,911.79
Total Distributions:
Class A Certificateholders Interest 0.00
Class A Certificateholders Principal 0.00
Class B Certificateholders Interest 338,541.67
Class B Certificateholders Principal 50,000,000.00
Total to Certificateholders 50,338,541.67
Monthly Servicing Fee to Household 166,667.00
Seller's Percentage of FC&A 9,723,644.57
Seller's Percentage of Principal 10,621,115.57
Excess FC&A 467,029.21
Excess Prin. Collections not needed for Cont. Am. 9,676,913.77
Total to Household (Seller/Servicer) 30,655,370.12
Total 80,993,911.79
***********************************************************
Household Finance Corporation
Household Receivables Funding Corporation Apr-96
Household Credit Card Trust 1991-1 Apr-96
15-May-96
CLASS A CERTIFICATEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 interest 0.00000
2. Principal distribution per $1,000 interest 0.00000
3. Interest distribution per $1,000 interest 0.00000
B. Performance of Trust
1. Collections of Receivables
(a) Total Collections 80,993,911.79
(b) Collections of Finance Charge & Administrative Re 11,136,356.39
(c) Collections of Principal 69,857,555.40
2. Allocation of Receivables
(a) Class A Floating Allocation Percentage 0.0000000%
(b) Fixed Allocation Percentage 84.7960389%
3. Class A Principal
(a) Total Amount Paid / Deposited to
Principal Funding Account 0.00
(b) Total amount on deposit in Principal
Funding Account N/A
4. Delinquent Balances
(a) Delinquent one payment -- ($) 39,089,160.62
(%) 4.92%
(b) Delinquent two payments -- ($) 11,790,428.57
(%) 1.48%
(c) Delinquent three or more payments -- ($) 22,557,274.94
(%) 2.84%
5. Class A Investor Default Amount 0.00
CLASS A CERTIFICATEHOLDER'S STATEMENT
6. Class A Investor Charge-Offs;
Reimbursement of Charge-Offs.
(a) Class A Investor Charge-Offs, if any, for the Distribution
Date(s) with respect to the Payment Date 0.00
(b) The amount of Item 6(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 6(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 such Payment Dat 0.00
7. Class A Monthly Servicing Fee paid for the Distribution
Date(s) with respect to the Payment Date 166,667.00
8. Deficit Controlled Amortization Amount for such Payme 0.00
C. Class A Pool Factor 0.00000000
D. Receivables Balances
1. Principal Receivables as of close of business on the last day
of the preceding Due Period 788,274,121.75
2. Finance Charge and Administrative Receivables as of the close
of business on the last day of the preceding Due Peri 6,235,239.45
E. Class B Certificates
1. Reallocated Principal Receivables for the Distribution Date(s)
with respect to the Payment Date 0.00
2. Class B Invested Amount as of the end of the Payment 0.00
Household Finance Corporation
Household Receivables Funding, Inc. Apr-96
Household Credit Card Trust 1991-1 Apr-96
15-May-96
CLASS B CERTIFICATEHOLDER'S STATEMENT
A. Information Regarding Distributions
1. Total distribution per $1,000 interest 503.38542
2. Principal distribution per $1,000 interest 500.00000
3. Interest distribution per $1,000 interest 3.38542
B. Performance of Trust
1. Collections of Receivables
(a) Total Collections 80,993,911.79
(b) Collections of FC&A 11,136,356.39
(c) Collections of Principal 69,857,555.40
2. Allocation of Receivables
(a) Class B Floating Allocation Percentage 12.6855838%
(b) Fixed Allocation Percentage 84.7960389%
3. Class B Principal
(a) Total Amount Paid / Deposited to
the Principal Funding Account 50,000,000.00
(b) Total amount on deposit in Principal
Funding Account N/A
4. Delinquent Balances
(a) Delinquent one payment -- ($) 39,089,160.62
(%) 4.92%
(b) Delinquent two payments -- ($) 11,790,428.57
(%) 1.48%
(c) Delinquent three or more payments -- ($) 22,557,274.94
(%) 2.84%
5. Class B Investor Default Amount 440,473.94
CLASS B CERTIFICATEHOLDER'S STATEMENT
6. Class B Investor Charge-Offs;
Reimbursement of Charge-Offs.
(a) Class B Investor Charge-Offs and other reductions, if any,
for the Distribution Date(s) with respect to the
Payment Date 0.00
(b) The amount of Item 6(a) per $1,000 interest 0.00
(c) Total reimbursed to Trust in respect of Class B
Investor Charge-Offs and other reductions 0.00
(d) The amount of Item 6(c) per $1,000 interest 0.00
(e) The amount, if any, by which the outstanding principal
balance of of the Class B Certificates exceeds the Class B
Invested Amount as of the end of such Payment Dat 0.00
7. Available Cash Collateral Amount
(a) Available Cash Collateral Amount at close of business
on the Payment Date 0.00
(b) Available Cash Collateral Amount as a percent of the
Class B Invested Amount, each at close of business on the
Payment Date N/A
8. Deficit Controlled Amortization Amount for such Payme 0.00
C. Class B Pool Factor 0.00000000
D. Receivables Balances
1. Principal Receivables as of close of business on the last day
of the preceding Due Period 788,274,121.75
2. Finance Charge and Administrative Receivables as of the close
of business on the last day of the preceding Due Peri 6,235,239.45
