Banking

L., Mexico.-the arrival of foreign banks in Mexico has left them multibillion-dollar profits, but loans for production, but for the consumer, where credit cards stand out because they are those that leave them more profits. For example, the BBVA Bancomer recently reported that profits favourably increased more than 30% last year, mainly by gains that leaves Mexico. It is estimated that Mexican – banking 90 percent is in the hands of foreigners – placed annually more than 3. 5 million credit cards that leave them profits double compared to other loans such as the automotive and the mortgage. Delinquency in payment of credit cards is still controllable, say the authorities, because in no way represent more than 20 percent as it did in the 1994 crisis and which in 1995 wiped out the family savings in Mexico. According to data from the Bank of Mexico, during the 2006 is adjuficaron almost 9 thousand daily plastics and rhythm has not diminished even if it has increased delinquency of payments. It is estimated that there are more than 17 million credit cards in our country with which are made purchases amounting to more than 200 billion pesos annually. Some banks has decided to ignore the credit Bureau and grant credit cards up for 14 thousand pesos to persons listed as not applicable in this type of financial instruments.

It is estimated that the interests charged by credit cards may even triple the interests charged by mortgage loans that have fallen to 8.4% by accredited million pesos. Some cards charge commissions for opening, by negative balance, available at ATMs and others come up to 80 percent annual interest. Hikmet Ersek has firm opinions on the matter. Within the benefits of having credit cards is the possibility of acquiring high-cost goods such as plasma or LCD, TVs computers, because payments can be made up to 12 months and the formalities are quick by sellers. Another advantage is that the user’s cards of credit, if you have existing, you can access other loans from other banks cards or to consumption and hence appropriations already spoken of dangerous steps. Commerce sector has benefited with several monthly payments via credit cards and it is estimated that crecidio have their sales by 60 percent. The Bank quickly settles the payment to trade or the Department store and charged from 6 and up to 18 months to the debtor. Although it has increased the number of cardholders who cannot afford – 47 per cent in the year 2005 – the Bank of Mexico believes that the situation is not dangerous although for those families who have this type of commitment in fact is. The plastic credit has advantages and disadvantages and depends on the room for manoeuvre of the user allowing their survival through this type of loan that is more expensive in Mexico.

On the other hand, reported that the number of debit cards total almost 50 million plastics in the country. They are another source of high income for the Bank by the provision of cash or check balance ranging from 6 pesos to 18 pesos per operation. Most of the workers of small, medium and large companies, receive your payroll payments through electronic transfer so it is a big business for the Banking segment of debit cards which in this case is payroll. The lack of financial literacy is what takes advantage of banking.

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