Quote Originally Posted by viper888 View Post
Its also the banks and other financing companies being irresponsible in handing out loans. I've heard of cases of people declaring just 50k a month being granted loans that cost 28k per month. A rule for financing property is that the monthly payment should not exceed 30% of the borrower's net income. Perhaps for cars, it should be 20% or less.
Actually, #1 target ng mga banks, lending institutions and yung mga middle class na ganun.

  • Not too poor to completely abscond;
  • With some means to pay (may kaya naman konti), who'd likely continue to try to make payments somehow and with some assets that can be foreclosed on; and
  • Preferably vain, or yung tipong social climber type.

Typical example that I personally know of:

Owns (higher tier) cars, parks on the street, rents their home – misses payments to landlord occasionally bec. when the bills and installments come “gipit” daw sila. When tuition time comes, (more) loans ulit, branded lahat gamit, installment din. They may have fine things, project to the world what a wonderful life they have, but are practically living in debtor’s hell. If some great need arises (hospitalization, etc.) they sell off their depreciated assets (na hindi pa rin nila tapos bayaran) at a loss.

It’s their life, wala ako paki dun, but… mayabang & mapang-mata pa!