Bangko Sentral ng Pilipinas – Dumami ang nangutang noong Ber months | Unang Balita - video Dailymotion

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Transcript

00:00Is your goal to be debt-free this 2025?

00:03The Central Bank of the Philippines has an advice

00:06and a financial expert to ease the payment of debts.

00:10We have the first news, EJ Gomez.

00:15Bidyan admits that she's used to debt whenever it's tight.

00:19They can't afford to spend a lot of money because of the budget.

00:23In 2023, her cooperative debt reached Php 100,000.

00:29This new year, she has a new debt of Php 50,000

00:34because of Judith or JuDate.

00:37We have to pay for water, electricity, and house.

00:40If you don't have money to pay, you don't have a reserve there,

00:43you're really going to be debt-free, especially for electricity.

00:45You'll be cut off.

00:46She has no choice but to go to London.

00:49Loan here, loan there.

00:53Vee is also in debt whenever it's tight.

00:57I really don't have anything.

00:59I used to settle at Php 5,600.

01:02According to the Central Bank of the Philippines,

01:04this past month, compared to last September,

01:07the number of Filipinos in debt increased this October.

01:10Christmas is just around the corner.

01:12What happened to Bidyan is that she's possibly debt-trapped.

01:16In terms of debt, there are three strategies

01:18that the BSP recommends to avoid.

01:21First is debt stacking,

01:22where the first payment should be the debt with the highest interest.

01:26Second, debt snowball,

01:29where the priority is to pay loans

01:31that have the smallest outstanding balance or amount.

01:34Third is loan restructuring,

01:36where the banks or lenders are asked

01:39to make the payment without penalty flexible and affordable.

01:43In order to avoid debt,

01:45it's better to look for an additional racket or sideline

01:48to increase income.

01:49But according to a financial expert,

01:51if the income increases,

01:53expenses should also be taken into account.

01:56It's not an assurance that if the income increases,

01:59the expenses increase,

02:00it's in the lifestyle.

02:01If the lifestyle is high,

02:03you can't avoid borrowing.

02:07In order to be debt-free this 2025,

02:10it's possible to start adjusting the lifestyle

02:13according to the financial capacity.

02:15Discipline is a must.

02:17And learn to stick to the budget.

02:20The option is to prepare, save,

02:24and spend.

02:25For example, if it's travel,

02:27of course, that's a leisure.

02:29It's also optional.

02:32You can do away with it if you can't afford it.

02:35You need to stick to the necessities.

02:39This is the first news.

02:40EJ Gomez for GMA Integrated News.

02:53EJ Gomez for GMA Integrated News.

Bangko Sentral ng Pilipinas – Dumami ang nangutang noong Ber months | Unang Balita

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