Having come from the United States where everyone I know is steeped in credit card debt, it was hard not to see the same thing happening in Mexico when everywhere from banks to supermarkets are pushing credit cards to people who have never had to responsibly manage credit before. Rates on credit card purchases in Mexico are unregulated and with fees and interest up to 100%, it’s hard not to have a dire outlook of the whole consumer credit push. However, things may change in a positive way.
There’s a bill in the senate proposing to cap credit interest rates at 33% which is a lot lower than the average card rate. With little education focused on how to use credit responsibly, these proposed caps could save a lot of Mexican families from getting in over their heads with an unpayable balance resulting from exorbitant fees.
Read the AP story here.
