Consumers, Income and Debt

In Costa Rica, a good part of the population is significantly indebted, since it is estimated that two out of every five consumers dedicate 38% or more of their monthly income to debt repayment.

Wednesday, February 10, 2021

The Office of the Financial Consumer (OFC) conducted during November 2020, the first survey of "Indebtedness of Costa Rican households", for which 1,200 people from all over the country, aged between 18 and 65 years old, were interviewed.

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The report reveals that on average the people interviewed have 2.5 debts. When reviewing the data by educational level, people with more years of study tend to have more debts.

Regarding the proportion of their income used to pay debts, 21% of those interviewed said they spend less than 19% to pay their debts, 31% spend between 19% and 30%, 11% spend between 30% and 38%, 18% spend between 38% and 63%, and the remaining 19% of the consumers consulted spend more than 63%.

Danilo Montero, director of OCF, told that "... the survey shows that the indebtedness of people in Costa Rica is not at a point that could put the financial system at risk."

Although most people are not in a critical situation, Montero said that "... there is a group of the population that has a complicated indebtedness to the point that in some cases the payment of installments exceeds their income."

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