Loan or savings, which is more important? 2019-04-29

There is widespread daily discussion in Philippine mass media about quick loans and insufficient creditworthiness assessment by lenders, which may pose a potential threat to the Philippine economy. The Philippine officials in charge are expressing their views and vision on the current situation in the area of ​​fast lending, which is receiving a great deal of public resonance on well-known portals.

Some of the public are in favor of quick loans, some are denying their use, considering it to be unethical use of people’s money. It should be noted that the sense of responsibility for one's actions cannot be regulated by regulatory enactments, because even then there will be a section of the public who will try to find a person in whose name to take out a loan and then make derogatory comments about lenders in the media. It is the responsibility of the family to instill a sense of responsibility, not to search for a blame in the regulation!

It should be remembered that a quick loan is a possible solution to short-term financial problems, and that these loans are not a solution to existing financial problems, as also indicated by the lenders.

On the other hand, another campaign, which is a kind of "no" to borrowing, is the offer of credit institutions for savings and deposits, in addition to educating the public on the need to think more about tomorrow, not just about today, but also about safe pension.

Of course, this is a positive aspect, educating the public on the need to save rather than just spending, but the question is how much of society in Philippines is ready to make savings when a significant percentage of society is unable to make their daily payments and to feed themselves and their family.

If you choose to spend and borrow - then borrow responsibly and evaluate your own repayment options! And if you choose to save: choose the most suitable and most advantageous solution!