Unions Opposed to Credit Card Law Reform

The new law, which sets a ceiling on interest rates for credit cards, is deemed to be a hindrance for the country's economy.

According to the Salvadoran Foundation for Economic and Social Development, Fusades, the reforms will result in reduced access to financing, they are therefore calling on President Mauricio Funes to veto the reforms.

"The National Association of Private Enterprise (ANEP), recalled yesterday that the state institutions themselves have said that such action would be a hindrance for all economic sectors, above all, because some 400,000 people would lose access to such financial products.

"It would be a blow to the economy because the cards have become a credit option for Salvadorans and micro enterprises," said Jorge Daboub, president of the ANEP in an article in Elsalvador.com.

Source: elsalvador.com

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