This was stated by Alicia Sáenz de Guinard, president of the National Association of Financing Companies. She added that 20% of the debtors are individuals who paid via direct deduction from their salaries.

By the end of 2009, loans granted by financing companies summed $241.3 million, 1% less than in 2008, according to data from the Panamanian Credit Association.

Source: pa-digital.com.pa

More on this topic

Nicaragua: Fundeser Becomes Financing Company

December 2012

Micro financing company Fundeser, also known as the Foundation for Socio Economic Rural Development will in February its formal application to become a regulated financial company.

Since 2008 there has been interest from the Foundation to be regulated by the Superintendency of Banks and Other Financial Institutions (Siboif), but the proceedings were suspended because of the financial crisis.

Rate Hike Worries Banks in Costa Rica

May 2012

A passive base rate in excess of 12% would be problematic, affecting the behavior of borrowers and is likely to cause an increase in defaults.

The Passive Base Rate (PBR) reached 10% on May 9, a level not seen since October 2009. The banks set their interest rate according to the PBR and charge an additional margin.

Credit Histories in Panama

November 2011

With the implementation of the statute of limitations, more than 1.6 million records have already been wiped.

Two years ago the Panamanian Credit Association began implementing the statute of limitations, which applies when a consumer so requests, seven years after having made the last payment on any commitments they had.

Costa Rica: Late Payments Growing in Tourism and Real Estate

March 2009

In January, 2009, 15% of the payments in real estate and tourism loans were late, more than double the amount in August, 2008.

The figures reported by the Superintendent of Financial Institutions indicate that in August of last year, 7% of the payments on loans to the hotel and restaurant sector were late, whereas they were 15% in January of this year.