17 August 2013

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OFWs' Falling into Debt Traps

"One such bank customer who faced a series of ‘emergencies’ is a 40-year-old Filipino man who racked up 16 credit card limits and has four legal notices against him". -Excerpt from Gulfnews.

How would you feel when you fell short on your  financial expectations and dreams, these are actually  some of the  misfortune overseas Filipino workers facing in their financial challenges.


Working overseas is a worthwhile opportunity to overseas Pinoys, however, having a huge salary that is uncommon to ordinary employee would be sometimes overwhelming. That is why, we could see most OFW's end up shopping in almost all Mall with the reason of " I have the money, I can buy anything I want!". Or perhaps a simple rationalization of  "It's time to pamper myself and buy some gadgets I was longing for after all  this is my simple reward of working hard". Just be careful this might lead to addiction shopping that will eventually bring you down to the pit.

I have been an OFW for 10 years and I'm not saying  that I am righteous, but from what most OFW's experienced, I have done that too. But regrets will never come first hand it will come later when you already realized you made a grave mistake in your financial management.


Try to read the article below from Gulf News about UAE Residents falling into Debt Traps. 



Where you stay is half the adventure - RealAdventures
 

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