Updated: August 24, 2020
How many credit cards are issued in the Philippines? How many Filipinos own credit cards? And how much credit card debt do Filipinos owe?
These were some of the questions I recently asked myself, which led me to create this simple infographic.
There isn’t much data available on credit card usage in the country and the latest information that I could find online was from 2011.
Nevertheless, the statistics are interesting, to say the least. Just see and read for yourself below.
Do you have a lot of credit card debts?
Read: Four Debt Payment Strategies Every Person Should Know
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you’ve hit the nail right in the head, it’s refreshing to read through your blogs about financial security, the campaign to promote financial awareness is an uphill battle. more power!
We all understand there is such a thing as good debt. The purchase of a laptop on your credit card to enable you to do freelance work would be a good example. Better still to pay cash but a small debt to enable you to work is acceptable in my book. I have attempted to live my life by GrandMa’s rule, “When you can pay cash for it, you can afford it.” I never use plastic money unless I have the cash to pay the tab off when the bill comes due. Piling up debt at a high interest rate certainly works against all you efforts at wealth building.