Mexicans prefer credit cards

Mexicans have chosen to keep using credit cards, leaving aside other products of consumer financing in a scenario of high-interest rates and uncertainty brought upon by the 1 July election and the renegotiation of the North American Free Trade Agreement (NAFTA).

On April , the number of credit cards in the Mexican market grew 2.1% , in contrast with the strong downshifting of payroll loan contracts .

According to the National Banking and Securities Commision (CNBV) , the number of payroll loans in the market dropped 15.4% in comparison with April 2017, after several years of being a preferred product regarding bank credits for consumer financing.

In the reference month, credits given through plastic increased 3.2% on an annual basis and rose to 385,000 million pesos . On the other hand, payroll loans dropped 0.7% .

Although growth rates for the use of credit cards in the country are stable, the data from April show a deceleration of consumer financing, whereas payroll loans have contracted on account of higher costs and an increase in authorization restrictions.

Thus, in the fourth month of the year, 4 million, 752 thousand payroll loans had been accounted for, under the 5 million 624 thousand from the same month in the previous year. On April from last year, there were 25 million 114 thousand credit cards circulating in the country.

Data from the CNBV show that Citibanamex was first place on credit card sales in the Mexican market, with a total of 5 million 537 thousand plastics, followed by BBVA Bancomer , with 5 million 152 thousand credit cards.

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