La Jornada: The placement of credit cards picks up; there are more than 45.6 million: CNBV

The number of credit cards placed among the population by banking institutions reached an unprecedented figure at the end of the first quarter of this year, with more than 45 and a half million cards, reported the National Banking and Securities Commission (CNBV).

Even though domestic consumption shows signs of weakness, private banks placed more plastics; In fact, between February and March alone, they extended more than 6 million new financing lines with this banking instrument.

CNBV statistics indicate that, at the end of March, the number of credit cards reached 45 million 672 thousand 86, the highest number since records began, and represented an increase of 8 million 224 thousand 231 credit cards when compared to those reported a year ago. That means that, on average, in March alone, banking companies issued 216,030 credit cards daily.

The above occurs while consumption in Mexico remains weakened due to household pessimism about the country’s economic situation and their own finances.

In March, the Consumer Confidence Indicator, compiled by the National Institute of Statistics and Geography, declined in the current and future perception of the economy, while the possibility of purchasing goods such as clothing, footwear and food decreased, in addition to the family’s savings capacity falling.

The National Commission for the Protection and Defense of Users of Financial Services has indicated that the cards allow you to face unforeseen purchases or maintain your level of consumption when there is pessimism about the economic situation, although it recommends responsible use to avoid over-indebtedness.