Credit Cards: Demand up 9%

Between May 2019 and the same month this year, the number of credit cards circulating in the Salvadoran market increased by 9.2%.

Monday, July 27, 2020

According to figures from the Observatory of Credit Cards (OTC), of the Consumer Defense Office, in May 2020 there were 876,197 credit cards circulating in El Salvador, which is more than the 801,822 registered in the same month of 2019.

See "Credits: Potential Market in the Region"

Elsalvador.com reviews that "... As for the number of debtors, the institution's report revealed that in May 2019 there were 610,667 people with card debts, while this year there were 642,507. An important point that consumers should consider when processing a card, are the interest rates offered by different banking and financial institutions, which according to the observatory range from 15% to 65%."

Mauricio Choussy, an economic analyst, said that "... the current pandemic (caused by the covid-19 outbreak) does not reflect an increase in the use of this financial product, partly due to quarantine for more than three months."

CentralAmericaData reports that in El Salvador, of the total number of consumers who are looking to purchase a financial service via Internet, 12% are looking to acquire a credit card.

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