Mexican Credit Card Hole Gets Deeper and Deeper

Written by La Prensa San Diego
Jul 31, 2009 Frontera NorteSur

Although it evades the sensational headlines of the drug war, another crisis is gripping Ciudad Juarez and other Mexican cities. With each passing day, the consumer credit crisis is sucking more and more Mexicans into a deepening financial hole. In the credit card segment alone, at least 13 percent of the 245,000 credit card users in Ciudad Juarez are now delinquent in their payments, according to a Mexican federal government official.

“This is without taking into account the bad debts already sold to private collection agencies and which do not currently enter onto the balance sheets of the banking institutions,â€