We are all guilty of swiping that plastic card indiscriminately. Buying that shoes you saw by the window of that store, as if trying to wave at you and take it home with you. Or buying a real estate in the Dominican Republic in tropical paradise which combines two extremes: the height and depth, the mountain, and the sea, the simplicity and the luxury. Dominican Republic real estate is a local Dominican property company.
We have given in to that urge to pig out with friends over food that you have always wanted after experiencing a break up. Or maybe, Steve Job's marketing strategy is so well made that you find it hard to sleep without having that latest iteration of iPod. Or maybe that spur of the moment to go on vacation with friends. We all are guilty of abusing the convenience offered by credit cards. Or maybe that's what the credit card companies really want us to do. To use it as often as possible. And for us to purchase more than we can really afford. The credit card industry thrives on the delinquent payment of about 70% of its customer base. The interest rates attached to delayed and partial payment make up the bigger slice of the profit of these credit card companies. The American Bankers Association even coined the term 'revolver' to this type of clients. Those who use the credit card to pay off debts in other credit cards. This has made the credit card industry as lucrative as it is for the last couple of years. Tourism is booming in the Dominican Republic, and so is construction of second homes for people from northerly climes.
As economists would say, the higher the risk, the greater the possibility of profit. However, it came to a point that majority of the banks' creditors, like the major corporations, or smaller banks, aside form the individuals who use their credit cards on a daily basis, have started defaulting and is having trouble keeping up with their obligations with banks at an alarming rate. Hence, the banks are in deep financial trouble, with billions of dollars in debt with subpar collateral. Therefore, the banks cannot afford to give out loans to clients to the point that some have declared bankruptcy.
The point that I'm driving as is that ignoring your credit card has a tremendous effect on the nation's economy. You see, if every individual in a household neglects to pay his or her obligation to these credit card companies, this would translate to hundreds of millions or maybe even billions of dollars of uncollected debt.
You will see that the Dominican Republic offers you an incredible variety of villas, apartments and fincas that will meet all tastes and budgets. Step inside this distinct Caribbean territory where you'll finally feel at ease, and decide upon one of the Dominican real estate listings.
In this economic disaster the world is currently experiencing, it is imperative that we all do our own little share on how to get ourselves out all together in this mess. We must be part of the solution. After all, we became part of the problem.
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