Yesterday the Salvadoran Banking Association(Abansa) affirmed that the credit card market is properly regulated, in response to the initiative which has been unresolved by the Finance Commission since 2001.
Armando Arias, president of Abansa, maintains that there should be a responsible emission of credit cards. "It is a useful tool as long as the user aligns his aspirations with reality."

Source: elsalvador.com

More on this topic

El Salvador: Credit Card Law Reformed

September 2011

The new law places limits on the maximum interest rates that issuers can charge.

With the aim of establishing an appropriate legal framework, representatives have approved a reduction in the maximum interest rate as part of the Law on Credit Cards.

The lack of knowledge about how to use this method of financing in the country is one of the reasons why the reform was proposed, as several representatives believe it is essential to regulate the activity and better educate consumers on the use credit card loans.

Nicaragua: Less Credit Cards Issued

August 2010

In the first six months of the year, figures show 32,738 less credit card holders.

The head of the Nicaraguan banking regulator, Víctor Urcuyo, indicated that between June 2009 and June 2010, the number of plastic card customers has dropped from 216,369 to 183,631.

Urcuyo added that, "this is due to the regulator's new plastic card standard, now 90 days old, which forces banks to be more responsible.

$1.1 billion in credit card transactions in Honduras

January 2009

With a total of 600,000 card holders, credit cards are one of the financial products that has experienced the most growth.

Heraldo.hn reports: "Maria Lidya Solano, executive director of the Honduran Association of Banking Institution (Ahiba), revealed yesterday that the balance of the personal banking portfolio - credit cards - totaled $1.1 billion (21.2 billion lempiras) on August 31, 2008.

New rules for credit cards in Costa Rica

December 2008

Congress is studying the "Credit and Debit Card Market Regulation" proposed law.

One of the elements of the new law is to provide better information on interest rates and charging conditions, like not charging interests when complains are being resolved.

According to the nacion.com article: "Advertising, marketing practices, detail on balances and interests, contractual changes and internet shopping are some of the aspects of credit cards that may face regulation, should the law be approved... It will be the first law to regulate this activity in Costa Rica, and would put the country up to date with similar laws that exist in other nations".