PART of financial planning is preparing for the unexpected — whether it’s finding an effective way to pay off debt, being able to buy essentials when you’re between jobs, or even covering medical expenses from an accident. It’s recommended to increase your income, learn how to budget, and save any excess cash for emergencies. However, if your cash flow is limited, a credit line can become a lifesaver.
When you hear ‘credit line,’ the first thing you think of is probably a credit card. Credit cards have become synonymous with the ability to pay for something the moment you need it and worry about settling it later on.
Unfortunately, credit cards are hard to get a hold of in the Philippines, especially for millennials and other groups without a credit history. In fact, credit card usage in the country is still low, partially due to the strict requirements needed to apply for one.
The recent developments in financial technology and e-commerce have made it easier for people from all walks of life to avail of the benefits of credit cards through other services. Alternatives like prepaid cards, electronic wallets, cashback debit cards, online lenders, and online pawning not only make financial planning easier but also empower people to make smart choices with their money.