Over the last two years, public school teachers have increased their debts by P18 billion according to the Department of Education. Making it a P319 billion combined debt from GSIS and accredited private lenders.
The said debt include P157.4 billion from the Government Service Insurance System (GSIS) as of May 29 and P162 billion from accredited private lenders as of June 6.
These figures do not include those from unaccredited lenders, "5-6", and alike which offer a way higher interests. Most teachers preferred to be in debt to these loan sharks because they do not require them to submit various requirements which in some instances only require their ATM cards as collateral.
As alarming as it sounds, this is the main reason why teachers deserve to be compensated well by our government. An increase in their salaries will give a soothing change to their financial and economic status that are framed to support their own families.
Another factor why teachers are now flooded with debts is that they do not know enough how to manage their finances in the right manner. Again, we insist you be to aware of your expenses so we can maximize what we have and reduce the trend of loans and lending from these loan sharks.
Our trusted financial coach is willing to give you a FREE financial management training/talk in your most convenient time. You can contact him with his details below:
JONAS CRISTIAN V. MERJUDIO 0929 123 1190 (Click here to See His Page)
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