Don’t raise credit card interest rates

Don't raise credit card interest rates

MANILA, Philippines – A House Resolution was filed by Makati City Rep. Luis Campos Jr. requesting that the Bangko Sentral ng Pilipinas (BSP) still maintain the current 2% maximum monthly interest rate on unpaid or outstanding credit card balances.

Campos asserted in his House Resolution 459 that maintaining a low interest rate on credit cards will greatly help Filipino consumers even in the face of an increase in the inflation rate that hit 6.9%.

“We want the BSP to keep credit card pricing reasonable and within reach of consumers that are now reeling from the soaring cost of goods and services. Salaried Filipinos are struggling to make ends meet. They are increasingly relying on their credit cards to make essential purchases and to pay bills, including the tuition fees of their children,” paliwanag ni Campos.

Based on BSP data, more than 10.3 million Filipinos have issued credit cards, while the banking system’s credit card receivables in the country reach a total of P478.4 billion as of June 30, 2022.

Aside from the fixed monthly interest rate, Campos is also pushing to maintain the maximum 1 percent monthly add-on rate on credit card installment loans and the P200 per transaction ceiling on cash advance processing fees.

Campos’ appeal to the BSP is also in line with the BSP’s scheduled conduct of a study or review regarding the aforementioned thresholds charges.

Campos said in the past three semi-annual reviews of the BSP, it has decided not to change the set caps or limits because the country is in a pandemic, said Campos, there are still many factors that must be taken into account for the current and not only the pandemic, the high inflation rate, the increase in commodity prices and fuel prices

“The lifting of the ceilings would only aggravate the financial burden of consumers,” Campos concluded. Gail Mendoza

The post Don’t raise credit card interest rates appeared first on REMATE ONLINE.

Source link

Tinggalkan Balasan

Alamat email Anda tidak akan dipublikasikan. Ruas yang wajib ditandai *