Mexican Credit Balance Grows to 12,5%
The balance of consumer credit in the form given month interest-free increased from 10 to 12.5 percent from June 2009 to the same month of 2010, reaching a figure of 26 thousand 200 million pesos. The National Commission for the Protection and Defense of Financial Service Users reports that there are 21.8 million credit cards in force last September, of which 67 percent is used, equivalent to 14.6 million cards. Of the lenses used, 30 percent is TotalErase cardholders who settle their debts every month, and the remaining 70 percent make use of your credit line, said in a news release based on information from Banxico.
Given this, calls for the online availability of credit, that regardless of the amount of funding authorized no capacity limits, as to certain event that should occur, the failure to have available could lead to disruption and high opportunity costs the cardholder.
“It is important to note that with each purchase to months without interest, in addition to compromising the future income, it also reduces the availability of authorized credit line in the same proportion, regardless of the number of months to offer.”
The agency notes that the responsible use of consumer credit is beneficial to the wearer, as well as a means to boost the economy in the country. The complication arises when a person makes use of credit without regard to ability to pay timely and committed to an extreme when the use or destination of the money they will receive.
The use of this modality is recommended for the purchase of durable goods such as computers, appliances, books, car repairs or home. On the contrary, it is suggested to avoid for everyday purchases as a pantry or consumption in restaurants, says the report.