Credit solutions company warns public, cites importance of being money ready With the anticipated spike in Christmas spending, credit solutions firm The
With the anticipated spike in Christmas spending, credit solutions firm The Golden Legacy Financing Corporation emphasized on the importance of being money-ready and advised the public to be responsible in their holiday spending. Not to resort to high-risk loans to finance their holiday splurges.
In fact, the July 2024 analysis of FitchSolutions company BMI painted a positive outlook for consumer spending among Filipinos that is projected to continue until 2025 as inflation remains manageable despite a spike. The risks to this outlook, it said, would be prolonged inflation, lower remittances and weakening of the domestic economy that adversely affects the purchasing power of the household.
He explained, however, that lending is not always bad provided that it is used for the right intentions and not for splurges. However, Cuyegkeng pointed out that most borrowers are disappointed with the length of time waiting for decisions on their credit applications while an even bigger number are automatically rejected because of inaccurate assessment on their credit risk. He explained that most lending companies have an age cap with their loan products, thus depriving the senior borrowers from having access to credit.
He adds that the impact of TGLFC’s credit solutions extend beyond immediate financial relief but contributes to a broader sense of empowerment and confidence among its customers. TGLFC’s database of borrowers continues to grow, trusting on the reputation of the company which is registered with the Securities and Exchange Commission .
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