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Credit Card Debt in Costa Rica On The Rise

Costa Rica News – All of those people driving new cars or paying off their houses using a credit card… is going to catch up with them and the Costa Rican economy.

costa rica credit card debt 1The credit card debt in Costa Rica is outrageous.

It has increased to ¢908,149,000, according to the Directorate of Economic Research and the Ministry of Economy, Industry and Commerce (MEIC).

This is 3.02% of the GDP.

In the country, there are 457 types of credit cards offered by 30 different issuers and 399 types of debit cards offered by 27 entities. Credomatic is the largest emitter. It has 97 types of cards. There are more cards in circulation compared to April 2015 but less when compared to January 2016.

76% of the credit cards in colones are charged 40% interest.

The most expensive of these are from BCT, Scotiabank, Davivienda and Desyfin. Visa, Mastercard and American Express are offered as are many named after banks.

Money deposited on debit cards represents 12.5% of the GDP.

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