Credit card rates to rise in Honduras

The President of the Central Bank of Honduras, Edwin Araque, has warned consumers that there will be increases in interest rates on credit cards.

Monday, July 28, 2008

The Central Bank is following its tight money policy adopted last March, which involves charging higher interest rates to the nation's banks, which in turn lend to consumers and businesses.
"Users should be prodent because we are entering a period of high interest rates and possibly a reduction in available funds from monthly incomes," he said.

More on this topic

Nicaragua: Collusion in Setting Interest Rates?

August 2012

The National Institute for the Promotion of Competition has stated that there is an agreement between banks to fix interest rates on credit cards.

The Supreme Court of Justice (CSJ) of Nicaragua annulled the resolutions issued by Procompetencia against the practice, considerer by the watchdog as abusive against consumers.

$1.1 billion in credit card transactions in Honduras

January 2009

With a total of 600,000 card holders, credit cards are one of the financial products that has experienced the most growth.

Heraldo.hn reports: "Maria Lidya Solano, executive director of the Honduran Association of Banking Institution (Ahiba), revealed yesterday that the balance of the personal banking portfolio - credit cards - totaled $1.1 billion (21.2 billion lempiras) on August 31, 2008.

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 nacion.com 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".

Credit card interest rates double in Guatemala

November 2008

The interest rates charged by credit card issuers has risen 15 points since last January.

According to statistics from the Banking Authority (SIB), the average interest rate in quetzales charged by credit card issuer banks has risen from 16.89% in January to 30.43% in October, and the rate for operations in US Dollars has gone from 17.08% to 26.39% in the same period.

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