There is a running joke that oftentimes the borrowers are rabid towards the debt collectors. (when it should be the other way around, since the lender is on a high moral ground) Borrowers too get sickness like blindness, deafness, and loss of memory when it comes to the money they borrowed. Such a behavior even goes to reality shows.
The sad reality is that scores of rural banks and micro lending have closed shops. What is the reason for such a high mortality? Non repayment due to obstinacy of borrowers to pay back their borrowed funds.
The borrowers make the lending conduit tighter and narrower and makes living more difficult.
The good old habit is to pay the money borrowed. We were to cross the difficulties with borrowed money and it truly right and just to pay it back. The money that is being used to help others will be used to help others more
This should be the knowledge about financial literacy instead https://www.robinsonsbank.com.ph/knowledgebank/5-habits-of-financially-responsible-filipinos/
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