The economy ministry announced on Monday a series of measures aimed at stimulating consumption, particularly in purchases financed with credit cards. However, the financing that comes out of the different official plans such as “Ahora 12” and which depends on the agreements that each company reaches with the banks or card administratorshave a total financial cost of more than 200%.
For example, according to the product offer in Mercado Libre, if you want to buy a refrigerator with freezer that costs $267,016, with the official plan you can pay in 3 installments of $89,005 or in six installments of $44,502. That is, without interest either way. If, on the other hand, it is paid in 9 or 12 installments, the Total Financial Cost (CFT) reaches 465%
Among the measures announced by the Minister of Economy Sergio Massa, the increase of 30% of the amounts of purchases by installments with credit cards and of 25% for payment transactions in a single solution. And also a 9 percentage point drop in interest rates which is charged for operations with Ahora 12. That is, the rate is reduced from 81.75% to 72.75% per year, below inflation exceeding the 108%
With these measures, the government intends strengthen credit to the private sector to support consumption, especially in view of the elections. THE The cut announced by Massa was carried out taking into account 85% of the Central Bank’s new monetary policy rate, brought to a nominal 97% last week.
Ads come later months of decline in consumer finance. These lines of credit, which include personal loans and credit card payments, were down 16% in April compared to the same month a year earlier. Something that is due to the high financial cost, the problem that affects consumers the most.
Precisely for this reason, people are less willing to use the credit card, in a context of declining purchasing power, given that wages are adjusted below inflation.
According to a survey of major appliance chains, for example, the overall financial costs of financed products – outside of official plans – far exceed inflation. For example, a product that in the chain naldo Whoever pays in nine installments worth $35,999 each ends up paying a total of $287,998. That is, an extra $107,999 to have a total financial burden of 241.54%.
In the same chain, another product funded with Ahora 18, the funded license of $15,999, has a total cost of 58.77%. And with Now 3, from69.25%.
In fravegaper case, with a fee of $8,113.47, funded over 24 months, the total finance cost amounts to 156.9%. And a consumption with a commission of $31,605 in three installments, of 95.68%.
In case of musimundoother major retailer, a product with a total value of $661,085.67, financed in 12 installments, involves a CFT of 242.04%.
In free market, an electric juicer which, one payment, costs $25,200, can end up paying $48,419 in 9 installments of %5379, and up to $57,032, if 12 installments (of $4752 each) are chosen. In this case, the financial cost (CFTEA) is 465%.
As for the program now 12, can be used to finance the purchase of mobile phones, household appliances, clothing, footwear and construction machinery, among other assets. In this case, several options of fixed monthly installments by credit card.
For example: if a purchase of $1,000 is made, 3 installments of $371.86 will be paid. (TNA: 72.75%) And $206.57 will be paid in 6 installments. Everything is fine.
According to data managed by the Central Bank, Argentine families who choose to finance themselves do so increasingly smaller amounts. According to this entity’s latest financial inclusion report, nearly the entire adult population had an account with a financial institution as of December 2022. And of that universe, 54.3%, about 19 million people, had access to some kind of funding.
The same report showed that, in the last two years, the number of people who have been able to access some type of loan to finance their expenses has grown significantly, although in the last year the balance of these credits has contracted sharply.
Source: Clarin
