Manila Bulletin Online reports that credit card receivables and auto loans in the Philippines have increased by 22.3 percent and 20 percent respectively in the first quarter of 2007 as compared to the first quarter of 2006.
That's a lot of credit purchases and a lot of cars.
Past due credit card receivables have decreased, though, to 14.2 percent in comparison with last quarter's 16.4 percent and last year's 20 percent ratio to total CCRs.
Good. This points to better credit management among consumers. Hopefully, the numbers will reveal even better discipline in the future.
The Philippines is a third world country. When personal budgets are tight, proper use of credit cards can be a big help. The downside is that credit cards could also be abused, leading to more debt.
I wish schools in the Philippines would also include personal finance management in the curriculum, from elementary to high school.
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3 comments:
The auto loan industry has registered an enormous growth over the past few years on account of the wonderful schemes devised to meet the requirements of the borrowers.
I think it depends on the person who have high salary or income in order to buy the car by personal loan, am I right? Hope I can find the auto loans in the Philippines yung Cheapest Auto Loans. Thanks.
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http://ichatautoloans.com
Jeramel Mingueto
It turns out that this isn't only a problem in the Phillipines. Consumers in the United States need more financial education and are currently having problems getting auto loans (and other credit) because credit was extended too far to too many.
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