Panama: New Credit Cards Down 58%

©image: ohadweb

Total credit lines granted under this scheme summed $11.2 million, 52% less than in 2008, and 74% less than in 2007, according to data from the Panamanian Credit Association (ACP). Average credit for each new credit card was $2.520.

"Raúl Moreira, president of the College of Economists, argues that the reduction is due to customers being more cautious", reports El Siglo.

Source: elsiglo.com

More on this topic

Panama: New Credit Cards Down 41%

December 2009

Between January and September 2009, credit card companies issued 6.442 cards, 41% less than the same period of 2008.

This was mostly caused by banks imposing considerable restrictions to credit.

A report by APC, the Panamanian Credit Association, added: "The number of active credit cards dropped 3.2%.

New Card Issuances Fall 67% in Panama

June 2009

In the month of Abril 2009, 3,761 cards were granted, which is less that the 11,427 that were issued over the same period of last year.

According to what was reported by the Panamanian Association of Credit (APC), the new cards issued have a 63% smaller credit limit compared to the levels of April 2008.

Credit Cards Grow 8.3% in Panama

May 2012

Between January and March 2012 599.000 credit cards were issued in Panama, an increase of 8.3% compared to the same period in 2011.

Data from the Panamanian Credit Association (APC in Spanish), also indicated that the balance on the total number active credit cards was $1.081 million, 11% more than on the same date in 2011 when it was $973 million.

Credit Histories in Panama

November 2011

With the implementation of the statute of limitations, more than 1.6 million records have already been wiped.

Two years ago the Panamanian Credit Association began implementing the statute of limitations, which applies when a consumer so requests, seven years after having made the last payment on any commitments they had.