Between July and October 2020, the number of people in El Salvador exploring mortgage options online increased by 18%, and the number of Costa Rican consumers looking to buy credit cards decreased by 60%.
CentralAmericaData's interactive platform Consumer Insights monitors in real time the changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.
In the last few months, interest in credit cards has been increasing in the digital environment, a rise that is mainly explained by the behavior of consumers in Panama, Honduras, El Salvador and Costa Rica.
Through a system monitoring changes in consumer interests and preferences in Central American countries in real time, developed by CentralAmericaData, it is possible to project short and long term demand trends for the different products, sectors and markets operating in the region.
In the countries of the region, more than 8 million people are looking for credit on the Internet. Of this group of consumers, approximately 9% explore options for taking out a student loan.
The interactive information system developed by CentralAmericaData monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.
The coronavirus has left an economic impact in several countries. For this reason, some governments are developing exceptional measures to mitigate its effects. For example, the suspension of tax and mortgage payments to lessen the economic pressure on small businesses and households.
In the United States, interest rates were reduced to almost zero and a US$700 billion stimulus program was launched in a bid to protect its economy, says Mario Miranda, director of finance at MonederoSMART.
Between December 2017 and March of this year, the number of active credits in the country fell 21%, mainly because of the fall in commercial loans and cards.
Data from the Superintendency of Banks and Other Financial Institutions (Siboif), specify that between December 2017 and March this year the number of loans fell by almost 400 thousand, going from 1.79 million to 1.41 million.
Limiting the fees charged in Costa Rica and establishing a law that defines market limits in Guatemala are part of the attempts being made in the region to regulate the use of credit cards.
A law proposal presented last January before the Legislative Assembly of Costa Rica, aims to regulate the percentage of the commission paid by businesses for credit or debit cards.
The 16% year-on-year growth registered in July in Nicaragua's banking credit portfolio is mainly due to an increase in loans for consumption and industrial activity.
From a report by the Central Bank of Nicaragua:
On September 8, 2017, the Central Bank of Nicaragua (BCN) published its Financial Report for the month of July of this year.
Between 2010 and September 2016 the gross balance of loans granted through credit cards grew by more than 100%, going from $145 million to $340 million.
Figures from the Superintendency of Banks and Other Financial Institutions (SIBOIF) show that the number of loans granted through credit cards rose from 541,000 in 2009 to more than 1 million to September this year.
Private sector loans dropped $31 million in February.
The Central Bank of Nicaragua believes this happens because banks are much more cautions when lending.
An article in La Prensa rports that “most loans ($13 million) went to the agricultural sector, while reductions were recorded in commercial and industrial loans, as well as credit cards”.
In the first six months of the year, figures show 32,738 less credit card holders.
The head of the Nicaraguan banking regulator, Víctor Urcuyo, indicated that between June 2009 and June 2010, the number of plastic card customers has dropped from 216,369 to 183,631.
Urcuyo added that, "this is due to the regulator's new plastic card standard, now 90 days old, which forces banks to be more responsible.
Experts estimate that financial companies will issue 20% less credit cards when the new regulations come into force.
This was confirmed by Banking Superintendent Víctor Urcuyo , who explained that the more restrictive regulations will exclude many individuals from making the cut for a credit card.
“Now banks and users must comply with a series of requisites and procedures included in the regulations.