Credit Card Market Stagnant in El Salvador

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Almost 60.000 credit cards were cancelled during 2008 and 2009, half of them for delinquency by their owners. Many others maxed out their credit and cannot use their cards anymore.

The new credit card law seems to make things even worse, as it requires consumers to have a certified income of at least $500 in order to apply for a credit card. The previous minimum was $300.

“Sergio Cruz Fernández, vice president of consumer banking at Scotiabank, considers that in 2010 the market won’t see the same growth as in past years. He expects moderate growth”.

Source: elsalvador.com

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