I cant say its true ALL people in the west think being in credit is good or something acceptable. I read somewhere recently many houses in the UK have no mortage on them. Many people I know and work with have like me lived within our means and lived "boring lives" compared to others.
Many I know like me are looking to buy propety once it bottoms out in a year or so.
I bought my last one outright in 2000 and refused to while they were overvalued. That propety was bought off someone who overstrecthed themself and im sure the next one will be.
Also i must say its amazing in Phill how many Phills are maxed out all the land and titles they own are borrowed agasint. Live hand to mouth it seems have no savings.
I was surprised how many houses when looking at the banks lists which were up fro sale due to reposseion locally had the famillies living in them just waiting for them to be bought by someone. I only looked at a few banks lists so there must be quite a sigficant amount in each area. Was also surprised how many people in phill lived on pawning items and then buying them back.
Although Credit via offcial means was fairly hard to come by many I witnessed borrowed from unoffcial methods, many goods seem to be bought on tick.
Also I noticed all the housing esates opening around Manila many of these houses would have to be bought on credit. As were many condos, many of which seemed to be advertised at locals rather than OFWs or people from abroad.
Give it a few years and there will be a huge credit boom. It will make at least one president and their party at least for a while seem very good at what they do.
Anyway whats all this about credit and its bad after all, any bank not or coin is just a Credit note.
