Panama credit card debt up 4.1% in May

The balance of credit cards issued by banks increased by 4.1% in May compared to the same month of 2022, to a total of $2,486 million according to the Credit Reference System (SRC).

The record also reflects that the number of active and in-use bank cards increased, going from 656,219 to 706,572, that is, 7.7% more than a year ago.

To this must be added the 169,788 cards issued by other institutions such as cooperatives, financial institutions, businesses, and other companies. In this category, the balance of credit cards as of May was $399.9 million, 32.9% more than a year ago, reflecting a 21.3% increase in the number of obligations.

According to APC reports, the average balance of credit cards issued by banks is $3,520 per customer.

It is estimated that 14.5% of the total balance of credit cards is past due for more than 61 days, which is equivalent to 7.1% of commitments.

The average balance of credit cards issued by cooperatives, businesses, and financial institutions amounts to $2,355 per person and it is estimated that 66.40% of the total balance reports more than 61 days of delinquency, equivalent to 24.5% of the clients of these cards.