Starting the year with an empty wallet
The new year has just started but some people are already cringing on a very tight budget. Sad but not everyone managed to start the year financially sound, specially those who used up their savings during the holidays.
Interesting but sometimes the scarcity of money draws back long-lost friends. One of my friends, whom I’ve lost contact with for almost a year now, started texting me again for the last two weeks to confide with me her financial ordeal. Much as I wanted to help her, I didn’t have that huge a disposable amount so I helped her look for a lending institution instead. She didn’t want to approach a bank due to the number of requirements being asked. When we need an urgent financial rescue, it’s normal that we wish for a speedy process. We only have to make sure that the interest won’t kill us. Normally here in our place, interest rates go as high as 10-20%, depending on who’s lending (not the banks).
If it’s any consolation, there are bad credit loans available in some areas so those who have a not-so-good credit history won’t be discriminated against.
Best to scrutinize the terms and conditions very well if they suit you before jumping into an agreement. Yes, it sucks to start the year with an empty wallet but it will suck some more if we half-bury ourselves with those high interest rates, don’t you think?
Posted in Money Talks
January 21st, 2010 10:31 pm
I totally agree. Like they say, pay off the high interest loans first.
January 24th, 2010 7:18 am
Very true. It seems people with money are taking advantage of peoples plight. While we hope for an end to the tough times, we can improve ourselves as we wait.
Nice article
February 2nd, 2010 6:45 pm
Oh, this is why I don’t believe in credit. Once I got annoyed when I was asked by some well-dressed person at the mall whether I had a credit card and when I said “No” he looked at me like I was a pathetic person saying “Wala ka pang credit card?”
I don’t like borrowing money, period. I don’t like spending money I know I don’t have. Maybe it’s pride, or maybe it’s just good that I was taught the salawikain “Kapag maikli ang kumot, matutong mamaluktot.” About lending money, though, I have a problem. I can’t seem to say no. haha (I probably should not be writing this.)