APC’s credit reference system (SRC) records the total balance of consumer loans in the value of 39,074,625,975, at the end of October 2023.
This figure includes states loans and financing issued by banks, cooperativesfinancial, commercial, insurance, telecommunication companies, etc.
The system contains data on 1,851,903 Panamanians and 298,392 foreigners residing in the country, which is a total of 2,150,295 people. If the total balance is divided by the number of people registered, the per capita balance is $18,172.
This figure seems high, considering the average income of most Panamanians, however, 94% of that population pays their bills by today, between 0 and 60 days, counting from the date of the bill.
Financial health has recently been found to be just as important as mental health and physical health. A person should only take on financial obligations that they can pay. You should also consider a savings amount that can cover unexpected events.
Giovanna Cardellicchio, General Manager, APC Intelidat Company ExperianPlease note that when applying for a loan, you must consider the following:
1. Debt capacity: The value that is the result of subtracting the total net income that a person receives from the total monthly fixed expenses that must be covered by that income.
2. Loan amount: The value must be lower than the one obtained in the previous point.
3. The total amount to be paid for that loan: For example, if you borrow $5,000 and they tell you your bill is $250 per month for 60 months, then you’ll pay a total of $15,000, of which you’ll only get $5,000 (less closing costs or other applicable) and you’ll pay $10,000 in interest.
4. Consider several options before making a new commitment: There are many financial and non-financial institutions in Panama that you can turn to.
5. Read and understand all the documents you will sign as part of the loan: Do not sign blindly without a clear understanding of the commitment you are making, including the consequences of not fulfilling it.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
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