Saturday 12 June 2021

Costa Rica Credit Card Debt Grows 23%

The number of credit cards and debt grew in 2017 as compared to 2016, as did the interest rate average

The number of cards in circulation in the country grew by 9% between July 2016 and July this year, and the balance of debt increased by 23% in the same period.

That is the result of the latest quarterly study on credit and debit cards, carried out by the Ministry of Economy, Industry and Commerce (MEIC), through the Directorate of Economic and Market Research.

The MEIC said there are 2,528,051 credit cards of which 32% correspond to additional cards, which are assigned to persons authorized by the holder, for example, a relative or employee.

- Advertisement -

For its part, the study with a cut off period of July 31, indicates that the balance of total debt in credit cards reported by the issuing entities was ¢1,137,355,000,000 colones (1.14 trillion colones) – US$1.99 billion dollars – up 23% over the same period in 2016.

The debt represents 3.79% of Gross Domestic Product (GDP).

It should be noted that for the month of July, delinquency of debt payments from 1 to 90 days is 7.21%, while for those greater than 90 days the figure stands at 4.87%.

Interest rates on the debt (in Colones) ranges from 8% to a maximum of 50%, on average almost 40%, up from an average of 35% last year. The interests in dollar debt is between 10% and 37%, the average 28%.

- Advertisement -

With respect to debit cards, the MEIC an increase of 4% over last year in the number of cards in circulation, for a total of 5,894,037 and 350 types of bank accounts linked to debit cards.

See complete study by the MEIC (in Spanish).

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Tolls operators must enable card payment, orders Health

(QCOSTARICA) Toll operators on Ruta 27 and on other roads such...

OMNI launches Costa Rica’s Super App

(QCOSTARICA) Omni officially launched the OMNiMoni service, a virtual bank or...

MOST READ

Opinion: Peru’s electoral drama is damaging democracy

Q REPORTS (DW) In Peru, the left-wing village school teacher Pedro Castillo has in all probability been elected the new president. The fact that...

Direct flight will connect Guanacaste with Austin starting in November

QCOSTARICA - American Airlines announced that starting November 2, 2021, it will offer a direct flight between Austin, Texas and the Daniel Oduber International...

The US sanctions Nicaraguan Daniel Ortega’s daughter and close associates

TODAY NICARAGUA – The United States imposed economic sanctions on four Nicaraguan officials close to President Daniel Ortega on Wednesday, June 9, 2021, including...

Carlos Alvarado describes calls reprehensible the persecution of Ortega against opponents in Nicaragua

QCOSTARICA - The President of Costa Rica, Carlos Alvarado, described the persecution of Nicaragua President Daniel Ortega against opponents as reprehensible after the government...

Parking lots, a bull ring and shopping centers among the vaccination centers on Saturday

QCOSTARICA - Vaccination centers against covid-19 were transformed this Saturday to be able to vaccinate more people. Universities, civic centers, parking lots and even...

Your cell phone can now notify you if you had contact with a positive case of covid-19

QCOSTARICA - Fifteen months after the national emergency against covid-19 was declared, Costa Ricans will have a digital platform where you can be notified...

Police intervenes in the Rincón Grande de Pavas school due to overcrowding

HQ - The Fuerza Publica (National Pollice) intervened an agglomeration of people on the outskirts of the Rincón Grande de Pavas school during the...

Today’s Vehicle Restriction: June 11, “EVENS”

Today, Friday, June 11, only EVENS can circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save for those under the...

Tilaran, where the wind blows

QCOSTARICA - For years, Tilarán has seen the transit of tourists heading towards Lake Arenal, the homonymous volcano and La Fortuna or towards Monteverde. At...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.