Loans

I'm thinking of creating a directory of Financing Institutions available for the Filipinos.

Why? Because i personally believe that loans are not bad. We Filipinos must learn to disassociate loans from the normal lines of thoughts such as "utang na loob" or "pabigat".

Let me tell you a story I keep on telling to people afraid of taking out loans:

You see, I work for a financing company. And for over a decade now, i have seen people actually make good with their loans from us. Almost all our clients, actually. Of course we also have delinquents.

This is why  I do not discourage people from taking out loans.

You know what's bad? If he uses that loan to buy something which WILL NOT earn - like a cellphone, or a watch, or a TV set. Then he's in trouble.

On credit cards:
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One of my staff is very enterprising. Do you know what she uses her credit cards with high credit limits for?  Strictly for BUSINESS only. How? Here:

With high, i mean up to P200k per card. She has friends who do not have credit cards but are so bent on  buying high end items such as new refrigerators, tvs. aircon, etc. So she offers that she uses her card to buy them the items, but she'll collect monthly from them. for principal, interest AND, check this out, a little patong (profit). Isn't that clever? That's making money out of plastic.

I haven't followed her footsteps, by the way. First, because i do not have credit limits that high (i get awed at how high credit limits credit card companies can actually afford to give middle-income earners nowadays). And i'm not much into usury.

But i must say, this is a smart way of making extra money. (By the way, have you been checking out my page about "earning extra"?. Click here)

So you see, as long as you use loans to make money, nothing is wrong with it. Investing is the name of the game. Saving money is not enough (read my post about what to do with money saved here). One needs to find ways to create money and build wealth.

Let's start looking at loans the positive way. The old way is not applicable anymore. The world has changed.

Information is key, people!

PS
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