Personal debt in Panama up $13.3%

PERSONAL debt in Panamaumped significantly. In March this year, as consumer loans reached $7.259 billion an increase of $852.9 million or 13.3% compared with the same month of 2013.

The borrowing spree included loans for the purchase of cars, credit cards and personal loans. Among all these segments NPL ratio of 1.8% was recorded.

In the analysis of the Superintendency of Panama Banks mortgages are not included. The mortgage balance is $10.377 billion, an increase of 14.6%.
High levels of debt are allocated, according to experts, to improve working conditions. They say that, more job security, increased confidence of banks and customers to undertake projects that require funding.
Specialists also assign a quota to high consumption driven by advertising that encourages buying, even for unnecessary items.
"They are people who like to live their whole life in debt  said financial advisor.José Canto.