Guatemala: Credit Cards Profit $36 Million

©image: Cheon Fong Liew

Profitability was 32% in the same period, according to data from the Banking Superintendence.

Edgardo Pérez Preciado, executive at G&T Continental, told Prensalibre.com: "...according to a study conducted by credit card issuers in Guatemala, there was less consumption and less credit card holders. Payment volume was down 0.6%, and the number of clients 10%".

Source: prensalibre.com

More on this topic

Costa Rica: Controversial Credit Card Regulations

February 2010

New regulation to be enacted by the Economy Ministry has created controversy among credit card issuers.

Velia Govaere, vice minister, commented that the proposed changes will introduce more information transparency.

On the other side, Gerardo Corrales, CEO of BAC San José, argues that the changes would increase costs and complicate the operation of credit card issuing companies.

Guatemala's credit card debt at 2.37 billion quetzals

June 2008

The Superintendent of Banks in Guatemala reports that credit card debt is growing in the nation despite disturbing economic signals and now stands at 2.367 billion quetzals, or about 315 million dollars.

It said that despite high interest rates and a threatening crisis, the use of credit cards is concentrated in purchases at supermarkets, restaurants and gas stations.

Panama: Credit Card Law Reform

September 2009

The proposed modifications, recently introduced before the National Assembly, intend to better regulate credit cards.

They are based on the law regulating increases in credit card interest rates in the United States.

"It also refers to the use of debit cards, pre-paid ones and financing or electronic payment cards", reports Laestrella.com.pa.

Panama: Project for Changing Credit Card Law

October 2009

Its main objectives are setting fixed interest rates and limit customer's credit card debt.

The project also proposes to regulate credit card issuers, by forcing them to obtain a banking license awarded by the Banking Superintendence.

From laestrella.com.pa: "Alcibiades Vásquez, project sponsor, considers regulation is needed, as there is a lot of abuse, and no limits for credit nor interests".