05/05/2020 - 10:24
There will be no quotas or grace period. With the quarantine in full, credit card maturities will not be postponed as happened in March and April and the plan that the Central Bank had imposed on banks to offer clients to finance the balance of the month in installments The past will not be repeated in May . This was confirmed by sources from the entity commanded by Miguel Pesce who, however, warned that the rate cap that can be applied to finance the plastics balance, which is 43% , will remain .
Those who stopped paying the card in full in April were able to enter the plan to pay off that account in installments . The plan gave three months of grace and then - starting in August - it began to be canceled in 9 equal monthly fixed installments . Although the annual nominal rate was 43%, the total financial cost was around 70% per year . The financing was automatic: whoever did not pay the entire account entered directly into this program.
But that help was only one time. The Central Bank decided to cut the program despite the fact that as the quarantine progressed, the income of the monotributistas and self-employed who were unable to work were decreasing and that from May onwards, suspensions will be applied to employees, with reduction of wages .
In addition, the zero-rate credit that can be accessed by monotributistas and self-employed, for example, have a cap of $ 50,000 per month, that is, many probably will have less . These loans are for three months and are credited, precisely, to the credit card.
Now, if the minimum is paid in May, the balance will accumulate at a rate of 43%, as it did before.
The fall in income from quarantine made that in April 80.8% of households accumulated some type of debt, according to a study by the Center for Regional and Experimental Economy (CERX), an entity that regularly monitors this variable.
On average, each family had a debt (bank and non-bank) of $ 149,406 until April 24 , an amount that does not include the costs associated with late payments and delays.
In total, households owe banks, according to the BCRA, $ 1.2 trillion (million million) as of April 22. And, of that amount, almost half is credit card debt, that is, about $ 536 billion .