Credit card debt increases again

The average debt of credit cards in circulation is 398,000 colons or about $750, and many Costa Ricans have many more than just one card.

That’s why the total credit debt of the nation is about $1.7 billion, according to the Ministerio de Economía, Industria y Comercio, which does a study of the topic every three months.

The figures released Tuesday were current up until Jan. 31. The data show more cards being issued and total debt increasing by 7.2 percent. Each report shows more debt.

The ministry noted that many credit card customers face interest charges of from 40 to 50 percent. Costa Rica does not have a usury law.

The ministry said there were 2,252,693 credit cards in use during the period of the study.

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