Thursday, July 16, 2009

Of 5-6 and Credit and Debt Consolidation

I have a story to tell.

In the Philippines, the Punjabi Indians are known to have a finance business which Filipinos call as 5-6. This basically means, they lend you 5 and you pay them 6. So, for example if you borrow 500 pesos then you have to pay them back 600 pesos. And because of this business, the "Indians" ( whether they may be Punjabi's or not, or whether they are in the finance business or not) are generally thought of to be in this business.

So several years back when my Hubby (still single at that time and my classmate in the training) was in the Philippines, he went to the Cogon Market with a friend. He just wanted to see the market and that's why he decided to tag along. But then, he was surprised that people were looking at him differently and he thought maybe it's just because he looks different. And then, he heard someone called him and said, " 5-6! 5-6!". He never had an idea what that guy was saying and he just thought that maybe he's talking about his height. Then, my Hubby said, " No! I'm 5-4! 5-4' and went away. He never got to see the reaction of the people. But it was only then he knew about 5'6 when he went back to the center. The people must have thought that his 'deal' is better because he's offering them 5-4 and not 5-6. Hehehe!!

Anyways, money lending is just so common in the Philippines and a lot of these borrowers just get so caught up with their loans and credit card debt that they feel stuck when they reach their very limit. A lot of us also don't know anything much about debt consolidation. If only they know how to manage their money well or maybe get a debt consolidation loans, then maybe their financial burdens will be eased up a bit.

So, anyone wants 5-4?

No comments:

 

Designed by Simply Fabulous Blogger Templates