The increase in the interest rates of outstanding credit card debt was approved by the Monetary Board. The hike could be equated to going against the core goal of promoting financial inclusion to Filipinos. It makes it a bit challenging for a start-up individual to apply for a credit card. Even present plastic card holders could stop using credit cards if they think banks are fleecing them off. There’s a possibility that they may, instead, opt for other lending products available in the market like Atome, a buy now, pay later mobile app. It is free to download and provides the user the flexibility of stretching his bill into three equal payments over a three-month period at zero interest, no service fees and more importantly no hidden charges. The BSP decision to raise the cap may be a step forward in the right direction – as a safeguard, prudential measure for banks to avoid incurring additional capitalization for loan loss provision. For confidential support call the Samaritans on 08457 90 90 90 or visit a local Samaritans branch, see www.samaritans.org for details. In the U.S., call the National Suicide Prevention Line on 1-800-273-8255 or click here for details on how to get help. In Europe, call the suicide prevention line on 0800- 273-TALK (8255). In the Middle East, contact the European Union on 020 3615 10 (or click here to visit a Middle Eastern country).