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”Â monthly thus incurring excessive credit card interests and fees.
Don’t get caught in the credit card trap.Â Pay your monthly credit-card charges in full each month. Or don’t use a credit card at all.
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