by: Francisco Colayco

My wife, Mary Ann, was asked the following question:

Dear Mrs. Colayco

Is there any other government institution where I can borrow money for tuition fee/s of my dependent/s?

I am still paying for both my SSS and Pag-Ibig loans.

I don’t have a credit card. Please help me.

Thank you.

Thank you.

—Amy

Here’s her response:

Right now, the SSS and Pag-ibig loans that you borrowed are still outstanding. You have to keep paying those loans because SSS and Pag-ibig are very good sources of credit and you want to keep your credit reputation good.

It is good that you do not have a credit card because you will just end up having a credit card debt that has the highest interest rate among the formal debts available. Do not be tempted to get any credit card that is being offered to you. You may have temporary cash available because of the card but that is only for one month or even less. Then, you will have a lot of tears over many years of credit card problem.

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