Credit card debt reaches US$571mn

Monday, November 10, 2003

Ecuadorian credit card holders registered an accumulated debt of US$571mn by the end of September this year, up 37.6% compared to the same time 2002, local daily El Universo reported.

According to the latest statistics from the local banking regulator, debts owed to card companies Diners and Pacificard represent 57.3% of the country's total credit card debt with amounts outstanding reaching US$223mn and US$105mn, respectively.

Deferred repayment programs have attributed to the increasing debt figure held by credit card holders with interest rates growing depending on the timescale of the debts held, the paper said.

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A total of 13 financial institutions operate in the local credit card market including 9 banks, 2 mutual societies, 1 financial society as well as Pacificard.