Debt-saddled consumers threaten economic stability

He earns a net salary of P4,200 monthly from which he deducts rental, food and groceries, transport and utilities, leaving him with just under P1, 000 income.
From this amount, Ephraim services a three-year loan with a local commercial bank, remaining with under P600 to take him to next pay day.

In a healthy banking environment, Ephraim would not have qualified for a bank loan in the first place, due to his meagre balance after essentials are taken care of. He would also not qualify for a credit card, given his revenue/expenses balance.