Aahhh, yes, the plastic card economy. I stumbled upon this story while Intel Philippines was launching its new Intel Core Duo 2 in the country.
It is apparent that more Filipinos want to have a PC at home. But they don’t have that much cash to buy one. So they’re now using credit cards to buy them. One local dealer, however, noted that some people would end up with unpaid debts. But that’s really not unique to the country, right?
I went around to confirm this credit card purchashing behavior. I asked bankers, dealers, and some representatives from the credit card industry. They all agreed, it is a correct observation. Hence, the story.