Are You Financially Independent?

Have you experienced rejections from your very first credit card applications only to receive a number of offers from other creditors after you had your first approved application?

The reason behind this is that credit investigation and assessment needs to be initially setup and is often paid by the very first credit card company who decides to take their chance with you.

Once available, other companies now has the reference and the confidence to issue to you their credit card. Often, possessing more than one of it results to credit card financial dependence especially with young professionals.

A 5,000 peso billed to a card may be manageable for the average earner. However, three or four credit cards with the same billed amount may bring the person to financial difficulties.

If left unsettled for quite some time, this difficulty only worsens as interest starts to apply. I heard of a certain company who bans applicants from a certain town due to their unpleasant experience with their previous clients from that area.

I guess wisdom is needed in order to protect yourself from any misuse brought by your excitement over your purchasing power.