Ilagan said apart from prudence, experiences with bad debt have caused Filipinos to shy away from credit cards, thus slowing the industry’s growth at 5 percent per year.
American singer and songwriter David Pomeranz, who is frequently in the Philippines to hold concerts, said he had his share of bad credit card debt at one point in his life.
He said it took him months to pay his credit card debt while on tour.
How was he able to turn his spending habits around?
“Always make more money than you spend, that’s kind of it. Isn’t that silly? But it actually works like crazy,” Pomeranz told ANC’s “On The Money.”
“If I make more money than I spend, I do very well, and when I make more money than I spend, I can invest in my own career, my family, and expanding my business,” he added.
Pomeranz said keeping track of finances may require an accountant is who ethical, organized, knowledgeable of laws and regulations, and trustworthy.
He noted that the most important thing is knowing your bottomline, and being conscious of how goals will contribute to more success.
“I always recommend that the money is in sight, that it’s been earned. When I’m spending the money that I do have, it should contribute to the betterment of the organization, that it will further my goals, and further my dreams,” he said.
source: www.abs-cbnnews.com
