MANILA -Filipino consumers swiped away at their inflation woes and revenge spending habits during the first quarter of the year, causing credit card debt to surge at the fastest pace since the outbreak of COVID-19 pandemic three years ago. Total card billings jumped 47 percent to P410 billion, according to the Credit Card Association of the Philippines (CCAP), whose members include the country's major banks. For the CCAP, this was evidence of a resilient economy but an economist said this was also a sign that Filipinos were being forced to rely on debt as elevated inflation weakens their buying power.

https://business.inquirer.net/401150/credit-card-debt-in-ph-surged-in-q1-due-to-revenge-spending-inflation

#inquirer