Costa Rica: Credit Card Debt Up 11%

The number of cards in circulation grew by 13% between October 2016 and the same month in 2017, and the balance of the debt increased by 11% in the same period.

Thursday, February 15, 2018

The last quarterly study of credit and debit cards for 2017, as of October 31, 2017 and carried out by the Ministry of Economy, Industry and Commerce (MEIC), registered an increase in the debt balance of ¢59.6 billion ( 5.24%), with respect to the previous quarterly study, for a total amount of ¢1,196,995 million (approx.$2 billion), which represents around 3.68% of the Gross Domestic Product (GDP).
 
This study determined that delinquency from 1 to 90 days reached 7.57%, and delinquency over 90 days was 4.89%. 

With regard to year-on-year behavior (one year compared to the previous one), cards in circulation increased by 12.60% (294,314 more cards), to account for a total of 2,628,751 plastic cards as of October 31, 2017.
 
On the other hand, 73% of the cards in circulation have an interest rate in colones that ranges between 40% and 50%.

See full report by the MEIC (in Spanish).

More on this topic

Costa Rica: Credit Card Debt Up 14%

April 2018

The number of cards in circulation grew by 13% between January 2017 and the same month in 2018, while the balance of debt on credit cards increased by 14% in the same period.

According to a quarterly study on credit and debit cards for 2018, with a cut off point of January 31, on average each person has two credit cards and three debit cards.

Costa Rica: Credit Card Balance Up 21%

July 2017

Between April 2016 and the same month of this year, the balance of credit card debt in the country grew by 21%, equivalent to 3.7% of GDP.

From a study by the Ministry of Economy, Industry and Commerce:
 
San José, July 12, 2017. The latest quarterly study of credit and debit cards with a cut off point of April 30, made by the Ministry of Economy, Industry and Commerce (MEIC), through the Directorate of Economic and Market Research, analyzed growth of the debt balance and the number of cards for the last five years (from April 2012 to April 2017). In addition, this study determined growth of 51% and 60%, respectively, which is in line with the upward trend that has been seen in the quarterly studies.

Costa Rica: Credit Card Balance Up 15%

August 2016

In April 2016 the balance of the credit card debt was $1.688 billion, 15% more than in the same period in 2015.

From a statement issued by the Ministry of Economy, Trade and Industry:

The study with a cut off date of April 30 determined that the balance of debt is 908.149 million colones ($1.688 billion) (3.02% of GDP), which represents an increase of 1.27% compared to the previous study (January), while the yoy increase was 15.4%. 

Costa Rica: Credit Card Debt Up 7%

May 2016

In the first quarter of 2016 cardholders delinquencies decreased, but the total arrears remains at a relatively high percentage of 10.3%.

From a report issued by the Ministry of Economy, Industry and Commerce (MEIC):

Study on Credit Cards

- Balance of debt on credit cards up to 31 January recorded an increase of 7.15% over the previous quarter.

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