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Di ka magbayad ng credit card, you won't be able to avail any loan you want FOR LIFE!!!! So if by the time comes gusto mo nang sariling bahay, make sure you have a lump sum of money, because no financial insitution will lend you a money to down for a house....
in certain countries with personal bankruptcy and fair credit reporting laws people who defaulted on loans will be black listed from 3 to 7 years. bankrupt people can also be banned from certain types of work and from opening any type of bank account. call it financial purgatory if you like.
Depende yan pag may fraudulent intent ang tao sa pagiwas ng pagbayad ng credit card...See RA 8484 Access device regulation act of the Philippines, the law that governs access device such as credit cards...Here are some offenses that may imprison a person for not paying his debt....
SECTION 9. Prohibited Acts. — The following acts shall constitute access device fraud and are hereby declared to be unlawful:
(a) producing, using, trafficking in one or more counterfeit access devices;
(b) trafficking in one or more unauthorized access devices or access devices fraudulently applied for;
(c) using, with intent to defraud, an unauthorized access device;
(d) using an access device fraudulently applied for;
(e) possessing one or more counterfeit access devices or access devices fraudulently applied for;
(f) producing, trafficking in, having control or custody of, or possessing device-making or altering equipment without being in the business or employment, which lawfully deals with the manufacture, issuance, or distribution of such equipment;
(g) inducing, enticing, permitting or in any manner allowing another, for consideration or otherwise to produce, use, traffic in counterfeit access devices, unauthorized access devices or access devices fraudulently applied for;
(h) multiple imprinting on more than one transaction record, sales slip or similar document, thereby making it appear that the device holder has entered into a transaction other than those which said device holder had lawfully contracted for, or submitting, without being an affiliated merchant, an order to collect from the issuer of the access device, such extra sales slip through an affiliated merchant who connives therewith, or, under false pretenses of being an affiliated merchant, present for collection such sales slips, and similar documents;
(i) disclosing any information imprinted on the access device, such as, but not limited to, the account number or name or address of the device holder, without the latter's authority or permission;
(j) obtaining money or anything of value through the use of an access device, with intent to defraud or with intent to gain and fleeing thereafter;
(k) having in one's possession, without authority from the owner of the access device or the access device company, an access device, or any material, such as slips, carbon paper, or any other medium, on which the access device is written, printed, embossed, or otherwise indicated;
(l) writing or causing to be written on sales slips, approval numbers from the issuer of the access device of the fact of approval, where in fact no such approval was given, or where, if given, what is written is deliberately different from the approval actually given;
(m) making any alteration, without the access device holder's authority, of any amount or other information written on the sales slip;
(n) effecting transaction, with one or more access devices issued to another person or persons, to receive payment or any other thing of value;
(o) without the authorization of the issuer of the access device, soliciting a person for the purpose of —
1) offering an access device; or
2) selling information regarding or an application to obtain an access device; or
(p) without the authorization of the credit card system member or its agent, causing or arranging for another person to present to the member or its agent, for payment, one or more evidence or records of transactions made by credit card.
SECTION 14. Presumption and Prima Facie Evidence of Intent to Defraud. — The mere possession, control or custody of:
(a) an access device, without permission of the owner or without any lawful authority;
(b) a counterfeit access device;
(c) access device fraudulently applied for;
(d) any device-making or altering equipment by any person whose business or employment does not lawfully deal with the manufacture, issuance, or distribution of access device;
(e) an access device or medium on which an access device is written, not in the ordinary course of the possessor's trade or business; or
(f) a genuine access device, not in the name of the possessor, or not in the ordinary course of the possessor's trade or business, shall be prima facie evidence that such device or equipment is intended to be used to defraud.
A cardholder who abandons or surreptitiously leaves the place of employment, business or residence stated in his application or credit card, without informing the credit card company of the place where he could actually be found, if at the time of such abandonment or surreptitious leaving, the outstanding and unpaid balance is past due for at least ninety (90) days and is more than Ten thousand pesos (P10,000.00), shall be prima facie presumed to have used his credit card with intent to defraud.(take note of this highlighted provisions, because this is the oftenly used provision of credit card companies in going after the recalcitrant credit card holders)
not paying the cc debt will not get the person imprisoned but the prohibited acts as stipulated by the RA 8484 can.
also take note that not paying the credit card debt is not a prohibited act under RA 8484. there should be an intent to defraud!
not being able to pay is different from defrauding creditors.
^^ Tama ka...Kaya nga ang sabi ko "Depende , kung may fraudulent intent ka" in not paying your credit card payables...
See sec9 par j..again one must establish fraudulent intent...
pagdumadami ang mga pastdue at mga delinquent account mas nagkakaroon ng dahilan ang mga credit card na panatilihing mataas ang interest rates nila.
there is no such thing as being "banned for life".
a good credit officer reads beyond the credit report
and is more interested in the reason/s behind the
Credit cards availments are clean accommodations.
a housing loan is not. it's not therefore "automatic"
that you will be denied. except if you are a non-thinking
as far as i know, wala pa naman nakukulong...
marami akong officemates nagtatago sa mga naniningil sa phone... araw-araw silang tinatawagan, minsan nagpapanggap pa yung tatawag na friend daw sya nung officemate(s) ko para nga naman yung taga-sagot ng phone ibibigay dun sa tao yung tawag, eh kaso, nakakalusot pa rin at malas lang nila kasi most of the time yung sinisingil nila eh field personnel, so wala talaga sa office:/
May officemates ako intentional yung di pagbabayad... kuha ng credit card, tapos sasagarin (bili ng home theatre) tapos di na babayaran yun (kapal!)
True, matatakasan mo nga mga utang mo sa credit cards pero yung kahihiyan mo naman sa mga kasama mo... hai, sa totoo lang sa office namin makakapal mga may utang dun... utang nga sa kapwa officemate di binabayaran eh, halos araw-araw pa nila makikita pero wala pa rin (isa po ako sa mga inutangan)... yun hinayaan ko na lang... sila naman magdadala nun eh...
parang hindi kakayanan ng kunsyensya ko sagarin ang credit card at magtago T_T
generalizations.. generalizations... why do we always conclude when we have little information on hand?
di nagbayad ng credit card-- equals makapal ang mukha-- equals masamang tao---etc.. etc.. bakit ganun? kawawang nilalang, hinusgahan na ang kabuuan ng kanyang pagkatao...
sabi nga ng aking kaibigan...
Between feeding my family and feeding their (CC's) greed, I'll take my family any time. ...
is it right to borrow beyond one's capacity to pay? is that what we want children to learn from parents?
hindi naman siguro niloko ng mga credit card company ang mga delinquent members nila para gumastos ng gumastos at umutang ng umutang. customers signed a valid contract to agree to pay at the interest rate set by the credit card company.
^^Right? If customers fail to pay because they can't pay they blame the card company from harrassing them. When in reality they created the mess by buying things they can't afford with money that they don't have. Ang simple lang naman eh, if you can't afford it don't buy it wag na mag show-off sa kaibigan na maganda damit mo, or bag mo, or cellphone mo dahil walang patutungnuan yan...
do we know how and why these persons were led to a financial trap?
no. we dont.
i think that no one has the right to judge a person because of his or her cc debt.
it would have been impossible to prove that they did not know the consequences of their actions or were tricked when they clearly signed the application form, signed the back of their cards, received a written copy of terms and conditions, see a reprint of the terms and conditions and charges on their monthly statements and whenever they sign the charge slip that says, "I agree to pay the above total amount according to card issuer agreement."
i don't have a problem with people who have huge debt who acknowledge that reality, pay what is due or find legal ways to pay their obligations. what is wrong are those people who take huge sums of debt and just stop paying. they make it harder for legitimate and good borrowers to access credit and for the rest of us to get lower interest rates.
i think it is time to teach personal finance in schools.
meron ba ditong nakapagpautang sa katrabaho o sa kaibigan? sa karanasan ko sa pagpapahiram ng pera na walang hinihinging interes sa mga katrabaho at kaibigan, yung mga di marunong magbayad pare-pareho lang ang ugali. mga sinungaling at iresponsable sila. kung anu-ano at kung sinu-sino na ang mga namatay na kamaganak nila para lang may maidahilan na wala silang pambayad o magtago. (pwede bang mamatay ang lolo, lola, tita, tito, pinsan, ninang at ninong sa magkakasunod na payday?) sila pa ang mga napakasigasig umutang.
yung mga matitinong umutang mabilis magbayad hindi mo na kailangang singilin. kung di man sila makapagbayad ng buo magbibigay sila ng kahit magkanong hulog at/o tinutupad nila ang pangako nila kung kailan sila magbabayad ng buo.
i saw this on youtube please watch:
ABS-CBN Probe on the topic of "Utang"