Panamas mounting credit card debt

CREDIT CARD debt in Panama reached $1. 924 billion  in February, up 23.8% compared to a year ago, when the balance was a $1. 554 billion.

According to analysts, credit is paramount in the consumer portfolio, but it is important to show prudence in the management of “plastic money”

Credit cards debts are nearly as high as the budget allocated to build a subway line or the fourth bridge over the Panama Canal.

The report of the bureau Panamanian Credit Association (APC), says there were 791,986 transactions  in February 2016, representing 14.4% above those recorded in the same period the previous year.

The figures demonstrate the level of banking penetration is a country of just 3.5 million inhabitants, The 16 km Metro  extension  has  an allocation of  $2.09 billion.