Image via WikipediaI just read this news about a proposal from a lawmaker to trim down the traditional 3% monthly credit card interest down to 1%. He wanted the Philippines to have a firm law to tame credit card companies. The 3% interest, according to him, based on several existing laws is "excessive, iniquitous, unconscionable, and exorbitant".
Now, if ever that proposal will indeed become a law and be properly and effectively implemented, then it will bring relief to those who has been a victim of themselves when it comes to credit card use.
As I have already mentioned in this blog, credit card offers lots of advantages especially at the standpoint "convenience". But as useful as it was, it also has many dangers. Credit card has been a tool that is prone to abuse leading many in an unmanageable debt that continues to grow with a huge interest rate.
Let's just wait a see regarding the fate of this "cool" proposal. :-)