A study by international auditing and accountancy firm Deloitte has found that credit card consumption in the Dominican Republic has grown on average 16% over the past five years, with 500,000 new credit cards issued in the past six years.
Deloitte partner Nassim Alemany says that there has been an increase in credit card financing since 2013. This has risen from 14 to 19% in local consumption in pesos, while hard currency consumption increased from 10 to 17%.
According to Deloitte, the increase was boosted by a decline in the average annual interest rate on credit cards from 80% to 60% a year.
Alemany added that there has been a 20% increase in credit card holders’ use of financing through their credit cards.
