Costa Ricans’ credit card debt grew 20% in the last year, according to data compiled by the Ministry of Economy, Industry and Commerce (MEIC).
Last January, the debt balance was ¢1 trillion (one billion dollars), equivalent to 3.6% of the GDP, which means an increase of ¢180,753 million compared to the study carried out with a cut on January 31st, 2016.
The number of credit cards also increased by 7%, reaching 2.4 million.
Regarding interest rates, eight out of ten of the cards in circulation have an interest rate in colones that ranges from 40% to 50%, while in dollars, eight out of ten cards have an interest rate between 30% and 38%; and private banks have the most card placements.