Economist Alejandro Aráuz asserts that these initiatives would not represent any harm to local banks.
Laprensa.com.ni highlights the comments of the economist: "At no time would this law affect banks. In this national and international crisis, banks are coming out stronger. They are not being weakened since they are obtaining resources from the bonds on internal debt and the high interest rates they charge. Even the Inter-American Development Bank (BID) is going to support them with $141 million."
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".
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.
It said that despite high interest rates and a threatening crisis, the use of credit cards is concentrated in purchases at supermarkets, restaurants and gas stations.