Program launched to help credit card users pay

MANILA - The Bangko Sentral ng Pilipinas (BSP) and member banks of the Credit Card Association of the Philippines (CCAP) launched on Tuesday the Interbank Debt Relief Program that offers credit card loan restructuring.

Under the program, interest rates will be at 1.5 percent or lower depending on the profile of the credit card user.

It also allows repayment period to extend to as long as 10 years for severe cases of indebtedness.

To qualify for the program, credit card accounts must be at least 6 months old with an outstanding balance of at least P10,000 per card and total card obligations of at least P100,000 for all cards.

The program consolidates credit card debts from all banks and the bank with the biggest debt exposure to the applicant will take on the responsibility as the lead bank.

READ: Do's and don'ts for first-time credit card users

Credit card do's and don't's for Pinoys