Tuesday, November 21, 2006

Card begone

Using part of the severance pay received from last job, I plunked a good portion into paying off my credit card bills. Years of accumulating debt, paid at last. And given the advise from the venerable Marketman re: the risks of identity theft and loss of credit card on the part of the consumer (check out his posts re: shittybank), I decided to make the most of my new freedom and cut up the cards. We don't have credit history in this country. Makes no sense to have P200,000 or more on one's card when it's not even helping us get loans or improve our standing with the banking system. All it does for me is make me think I have money when I don't.

1 comment:

wysgal said...

Banks *can* use cards to check your credit worthiness, but only on a limited scale. I.E. If you apply for a loan today, they'll check your repayment behaviour on cards that you declare (they won't know if you have semi-dodgy card behaviour --- although if you have been VERY bad, banks can find that out as well).

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