Nicaragua: Reform on Credit Card Law

Some of the initiatives presented include suspending legal action to collect credit card debt and regulating the interest rates charged.

Tuesday, June 16, 2009

Economist Alejandro Aráuz asserts that these initiatives would not represent any harm to local banks. 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."

More on this topic

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 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".

Guatemala's credit card debt at 2.37 billion quetzals

June 2008

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.

Guatemala: Credit Card Law to be Modified

August 2009

The Banking Superintendence is working on a Law Project that will seek to limit credit card fares.

Édgar Barquín, Banking Superintendent, informed that the proposal, to be presented in Congress early 2010, seeks to control and unify the different charges credit card companies do.

Interest Rates on Credit Cards in Costa Rica

December 2012

A study by the Economy Ministry reveals significant differences in the interest rates charged by credit card issuers.

A statement from the Ministry of Economy, Industry and Commerce (MEIC) reads:

Survey of Credit and Debit Cards

Significant differences have been identified in interest rates charged by credit card issuers

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