The reduction in sales in general, the increase in credit and amortization has had a major impact on the use of credit cards. In real terms, In January, peso consumption fell by 20% and in dollars, almost 50%, According to the report of the consultant First Capital Group based on statistics from the Central Bank. The study shows that although annual turnover increased 25.1% (total of $ 388.234 million), the tumor implies Strong retreat in real terms, Because the "products" that are paid with so-called plastic money were An average increase of 45%"Said Guillermo Barbero, a partner at First Capital, a finance company.
About Activity with dollars, the decline last month was significantly higher: 48.1%. "Travel abroad strengthen the growth of card usage in January with relations in previous months, but Far from last year's figures, When tourism abroad reached a record high, "Barbaro adds. In return, Tourists from abroad take advantage Of the "cheapening" of domestic prices due to the rise in the dollar. In the first half of 2018, Credit card and debit card purchases by foreigners increased by 35% Compared with the same period last year, according to Visa and Consultants and Anaytis. And in the market they promise that the trend is deepening.
According to the central bank, in Israel there are 7,200,945 credit cards and 19,104,468 charge cards. The use of plastic has changed radically from the devaluation and the lifting of gates. A clear example is The sharp decline in sales of durable goods, Such as cars, motorcycles and electronics, all items are highly dependent on credit. The withdrawal of the plans in installments (due to the increase in the interest rate) affected consumption in those industries. "Currently, 50% of cash sales, With a debit or credit card but with one fee, "he said. Clarin Senior manager of a large network of electrical appliances.
Despite the data for purchases with bad plastics, Barbaro believes that There was a slight increase in January. It looks like good news, but not so much. "A change in trend is a clue Fewer personal loans are given And that's why people tend Cover your debts with cards"He says In return, the expert notes that the trend is likely to turn when these lines of funding are recovered" and used to cancel the balances of cards. "
In 2018 there was a sharp drop in consumption in almost all areas, from mass products (due to purchasing power loss), cars, clothing, shoes, motorcycles and motorcycles, mainly due to lack of credit. Last year, reference rates touched a maximum of 73%, falling yesterday to 45.15%. This largely explains the lower use of card financing, "as well as the prevalence of funded balances to be paid in installments," says Barbaro. In any case, the analyst argues that "in the past month we estimate the recovery in reserves, circumstances marked in the context of cancellation of funds.