Buying gifts for mom might put purchaser in credit trap

Monday is the Día de la Madre, a legal holiday in Costa Rica, and the Dirección de Apoyo al Consumidor of the economics ministry is warning about the pitfalls of purchasing gifts.

The Ministerio de Economía, Industria y Comercio routinely does surveys around major holiday. Traditionally retailers jack up the prices of kitchen appliances and other items that mothers would like to receive.

The ministry this year warned about the pitfalls of high interest credit buying. They said that unwise shoppers could pay three times the retail cost of an item with high-interest credit schemes. In the past the ministry has reported that some credit card firms charge interest in excess of 50 percent a year.

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