Between April 2016 and the same month of this year, the balance of credit card debt in the country grew by 21%, equivalent to 3.7% of GDP.
Wednesday, July 12, 2017
From a study by the Ministry of Economy, Industry and Commerce:
San José, July 12, 2017.The latest quarterly study of credit and debit cards with a cut off point of April 30, made by the Ministry of Economy, Industry and Commerce (MEIC), through the Directorate of Economic and Market Research, analyzed growth of the debt balance and the number of cards for the last five years (from April 2012 to April 2017).In addition, this study determined growth of 51% and 60%, respectively, which is in line with the upward trend that has been seen in the quarterly studies.
In relation to the debt balance, it grew by 21% over the previous year (April 30, 2016) and was quantified at ¢1,098,957 million, which represents 3.66% of GDP. On the other hand, the number of cards grew by 11% compared to April 2016 and corresponds to 2,476,844 of plastic cards in circulation.
The number of cards in circulation grew by 13% between January 2017 and the same month in 2018, while the balance of debt on credit cards increased by 14% in the same period.
According to a quarterly study on credit and debit cards for 2018, with a cut off point of January 31, on average each person has two credit cards and three debit cards.
The number of cards in circulation grew by 13% between October 2016 and the same month in 2017, and the balance of the debt increased by 11% in the same period.
The last quarterly study of credit and debit cards for 2017, as of October 31, 2017 and carried out by the Ministry of Economy, Industry and Commerce (MEIC), registered an increase in the debt balance of ¢59.6 billion ( 5.24%), with respect to the previous quarterly study, for a total amount of¢1,196,995 million (approx.$2 billion), which represents around 3.68% of the Gross Domestic Product (GDP).
At the end of October 2013 the number of cards in circulation amounted to 1,723,306.
A press release from the Ministry of Economy, Industry and Trade of Costa Rica reads:
Costa Ricans owe in total $1,496 million in balances on credit cards, which is an increase of $21.5 million (1.46%) compared to the latest study by the Directorate of Economic and Market Research, according to the cut made up to October 31, 2013.