What are the credit references in Panama?

The Credit Reference System (CRC), as of February 2023, shows that a total of 991,241 individuals maintain at least bank reference in your history.

One of the most used products, especially for first openings, are credit cards; registering around 696,721 cards in circulation, issued to date by banking entities.

In this same line of analysis credit behavior, 1,791,559 Panamanians and 285,307 foreigners, or a total of 2,076,866 persons, have at least one active reference in the SRC.

APC emphasizes that the acquisition of new credit obligations could cause concern, given the expenses that must be prioritized from month to month. However, this is an option for many people to achieve balance in their finances. It’s important to know how to manage these obligations so that you stay current and don’t get loans that exceed your borrowing capacity.

Given this scenario, in which access to credit and financial inclusion If it becomes relevant, it is important to determine when it is advisable to take on a new obligation, and when it is better to postpone it.

Giovanna Cardellicchio, CEO of APC Intelidat an Experian, offers seven recommendations for better control of personal finances and avoiding unnecessary debt:

1. Budget: The best way not to exceed your borrowing capacity is to clearly define your monthly budget, determine what your fixed income and expenses are, taking into account aspects such as salary or other sources of income, as well as public service payments, leases or monthly payments of active subscriptions , among other things.
It is important to have an estimate of the new letter of credit that you want to acquire in order to include it in the budget and thus eliminate the risk of possible liquidity problems in the future.

2. Savings: Make saving a part of your life, include it in your budget. Many people tend to save what they have left over after paying, so they do this occasionally; Ideally, it should be a fixed amount each month, setting a clear goal for that savings that will later help you meet your goal or cover unforeseen needs.

3. Prioritize costs: Sometimes it is inevitable to decide between a purchase, a home improvement or a necessary expense. In order to maintain the liquidity of your finances, it is important to assess what the costs are They must have priority in everyday life.

4. Type of loan: An important aspect when considering a new loan is its purpose. When it comes to investing in housing, it is appreciated and in the long run it will be a good investment, the same happens if it is a business that will ideally eventually generate its own dividends, but if taking into account additional expenses, travel or purchases , it is important to check that it will not affect your financial balance.

5. Environmental analysis: Before you decide to acquire a new obligation, it is important to assess various factors in your environment, for example, whether you will soon have new income or expenses, so that you can make a more accurate decision at the right time.

6. Ant costs: Many times only those obligations related to the payment of loans or services are considered expenses or expenses in the budget, but it is important to have control over small expenses every month, such as going out, personal purchases or cravings for the weekend. This will allow you to take much better care of your finances and your ability to borrow.

7. Credit history: Before considering the possibility of obtaining a new financial product, it is important to review the state of your credit history. Please note that this can always be done free of charge through our service centers. Knowing your credit history allows you to make informed decisions as well as monitor your existing obligations. Your credit report is your calling card when applying for a new loan.