Some Credit Card statistics:

  • 5.5 Million
    Estimated number of credit card holders in the Philippines as of 2006
  • 2 Million to 2.5M
    Estimated number of credit card holders in the Philippines as of 1997
  • P200 billion
    Total worth of credit card transactions in the Philippines in 2005
  • 1.3 billion
    Number of credit cards in circulation in the United States as of 2004
  • $2.2 trillion
    Total US consumer debt in 2005, mostly from credit card transactionsCompiled by Kate Pedroso, Inquirer Research
    Inquirer Magazine, March 2007

I had a friend in the banking industry who was lamenting how he sees very clearly the vicious cycle that most newbie credit-card holders get into.

Banks, the past 5-7 years, have made it TOO easy for Filipinos to get a credit card to the extent that even folks who are inclined to incur bad debt are issued credit cards. My banker friend says it should be made illegal for banks to issue credit cards to people found to be “high-risk”.

The point here is: if a client is bound to have credit-card utang, the bank should be responsible enough to NOT issue a credit-card.
Filipinos who are not equipped to manage their finances end up over-using their credit card out of sheer excitement or financial il-literacy. Then pay “minimum payments”  monthly thus incurring excessive credit card interests and fees.

Don’t get caught in the credit card trap.  Pay your monthly credit-card charges in full each month. Or don’t use a credit card at all.

ka edong
full for you

Popularity: 3%

Sphere: Related Content

eOFW is not related in any way to the companies featured in our articles except otherwise specified. We feature different companies for the information of our readers to help them better find services that suit their needs.

Related posts:

  1. A step towards financial freedom: Get out of the credit card trap
  2. BPI’s Special Installment Plan Balance-Transfer
  3. New York Bay Remittance - Transfer of Funds from Credit Card, Mail, Fax
  4. How to pay-off multiple bad debts
  5. Extra Protection for Online Purchases - via debit card?

    6. Related posts brought to you by Yet Another Related Posts Plugin.