Credit card debt up 22 percent

CREDIT CARD  debt continues to rise with many card users earning less than $800 a month, facing usurious  charges.

The cards have become the vehicle is used by thousands of Panamanian to finance expenses such as unforeseen medical bills

In July, the balance on credit cards was $1.8 billion, representing an increase of a 21.6 percent when compared with the balance of July 2015, which was $1.5 billion.

The lowest average annual interest rate on the local market has been set at 7.50 percent, while the highest is 28 percent, according to the last comparative cost analysis of the consumer protection authority Acodeco.

That is in addition to the annual fees charged by some credit cards.

“In terms of the range of interest rates, they have remained stable in relation to the last quarter in which there were some variations in certain products influenced mainly by the increase of rates internationally,” the agency said in a report.