According to a study by the Ministry of Economy, more than one million credit cards in the country have an annual interest rate of up to 50%.
Almost 180 types of these plastics have the highest interest in the market and the least number of days to pay, since most give only 15.
This situation has led to the indebtedness of credit cards exceeding ¢ 1.4 billion (latest data available from October 2018), a figure exactly equal to the amount of money required by the government to finance their needs of the first semester of this year.
It is very important that the cardholder knows the deadline and cut-off date for cash payment, not to pay interest and, of course, have a personal or family budget that allows them to order their finances and prioritize their spending,”
said Erick Jara, Director of Economic and Market Research of the Ministry of Economy.
Some economists ask to lower these rates and not suffocate debtors so much, because if they go down, people would have more purchasing power and contribute to the economic reactivation.
They are really drowning families that cannot consume even the basic and indirectly and negatively impacting commerce, business dynamics, and even the emotional stability of people,”
said Olman Segura, an economist at the National University.