Increased Number of Credit Cards in Panama

In late May there were 673,590 active credit cards, while in the same period in 2012 there were 609,357.

Tuesday, June 18, 2013

The balance of active cards also showed an increase of 17% compared with May 2012, according to a Panamanian Credit Association (CPA). "The balance went from $1.1114 billion to $1.3008 billion in May 2013, which represents 3.8% of total credit balances reported in the database", reported Elsiglo.com.

"This growth is related to the dynamism of the Panamanian economy and the competitiveness of the local credit market, in terms of rates and other conditions," said Luz María Salamina, general manager of APC.

As for other credit product, the APC report reveals that personal loans grew by 24.5%, mortgage loans by 6.1%, 2.9% for car loans and commercial loans 2% , and another 45.3% were for services and other lines of credit.

According to the economist John Jované, these figures are due to increased competition between banks and the constant advertising that creates false needs in people who then have to pay for these loans and sacrifice many things that are essential.



More on this topic

Trade Credit Grows By 37% in Panama

September 2013

In July 2013 the balance on the loan portfolio to the commercial sector was $9,940 million, while in the same month of 2012 it was $7.236 million.

The figures were released by the Panamanian Credit Association. "As of June this year a total of 73,172 active commercial loans was reported, which means an increase of 30.5% compared to the same period in 2012 when there were only about 56,055," reported an article in Panamaamerica.com.pa.

Credit Grows in Panama

May 2012

The money provided by Panamanian banks has increased by 2.3% since December 2011 due to the dynamism of the economy and competition among financial agents.

Panamanian banks granted $616.68 million in loans in the first quarter of 2012, an increase of 2.3% since December 2011, according to data from the Superintendence of Banks in Panama.

Credit Cards Grow 8.3% in Panama

May 2012

Between January and March 2012 599.000 credit cards were issued in Panama, an increase of 8.3% compared to the same period in 2011.

Data from the Panamanian Credit Association (APC in Spanish), also indicated that the balance on the total number active credit cards was $1.081 million, 11% more than on the same date in 2011 when it was $973 million.

Mortgage Loans Increase by 6.5%

December 2011

The Panamanian Credit Association reported that in October there were a total of 204,000 active mortgages, 6.46% higher than in the same month in 2010.

Meanwhile the balance of the total outstanding mortgage loans on the same date (October 2011), increased by 19.48%.

"This year, banks have begun to further consolidate their participation in relation to mortgage loans.

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