Tuesday, August 28, 2012

Sickness can Lead to Debt...

Another guy we me met who is now deep in debt is Roger. His case is common to most Filipinos who have parents or siblings who goes through medical crisis. Most people do not even prepare for their own long-term health-care needs, more so for their parents or siblings. A real and widespread mistake for most Filipinos. Roger's mother had a stroke , not just once , but three times. This plunged the family into a deep debt hole. Being the eldest in the family, and being single, set him up to take care of her mother's needs.

In the beginning there was no problem for he was earning well and could support her mother’s needs through his commissions from his job as top notch salesman. However, the economic crisis that hit the US in the year 2008 had their company reeling into the negative territory. This is because their main customer for their products and supplies was USA. add to this, her mother did not have any healthcare protection, nor are they financially prepared for one . Her mother incurred more than millions of pesos in both the hospitalization and medications. Without healthcare, and no money in savings for medical emergencies, Roger resorted to borrowing money from relatives and friends, thus getting him into 7 figure debts which was beyond his capability to pay due to low to no commissions.

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