Credit card firms are predators

Published by rudy Date posted on August 11, 2009

Sometime ago, I wrote about the predatory practices of banks and credit card establishments. Some people have told me horror stories about how these companies put on the big squeeze on customers who fail to pay on time and especially on those who have exceeded their credit limit and are considered in default. Would you believe these companies compound interests amounting to 42 percent a year?

Worse, these companies’ collecting agents harass customers on their overdue payments. They threaten to sue these customers and send them insulting demand letters.

I can attest to these predatory practices myself since whenever I fail to pay on time—either because I am abroad or because the statements are sent to me late (intentionally, I suspect)—I get calls from banks and recorded calls for payments.

Outstanding balances for all credit card transactions have reportedly reached a staggering P135 billion, of which P15 billion are in default. My gulay, if this trend continues, the banking community is on the verge of collapse—and all because of the propensity of banks and credit card establishments of issuing plastic money almost indiscriminately.

There was a time when shopping malls were populated by credit card peddlers, forcing people to get one. Even young people without any means of livelihood carried credit cards.

As I have asked in my earlier columns, what has happened to the Anti-Usury law limiting interest to only 12 percent? It was suspended in 1982 by the late dictator for reasons unknown.

Thus, in the wake of the credit cards scandal threatening the banking community, Congress

July 2025

Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”

Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.

Accept National Unity Government (NUG)
of Myanmar.  Reject Military!

#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

July


3 July – International Day of Cooperatives
3 Ju
ly – International Plastic Bag Free Day
 
5 July –
World Youth Skills Day 
7 July – Global Forgiveness Day
11 July – World Population Day 
17 July – World Day for
International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons 


Monthly Observances:

Schools Safety Month

Nutrition Month
National Disaster Consciousness Month

Weekly Observances:

Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week

 

Daily Observances:

First Saturday of July:
International Cooperative Day
in the Philippines

Categories

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.