Credit card rates to rise in Honduras
The President of the Central Bank of Honduras, Edwin Araque, has warned consumers that there will be increases in interest rates on credit cards.
Monday, July 28, 2008
The Central Bank is following its tight money policy adopted last March, which involves charging higher interest rates to the nation's banks, which in turn lend to consumers and businesses.
The National Institute for the Promotion of Competition has stated that there is an agreement between banks to fix interest rates on credit cards.
The interest rates charged by credit card issuers has risen 15 points since last January.
The Superintendent of Banks in Guatemala reports that credit card debt is growing in the nation despite disturbing economic signals and now stands at 2.367 billion quetzals, or about 315 million dollars.
With a total of 600,000 card holders, credit cards are one of the financial products that has experienced the most growth.
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