Bill under review to curb usurious credit card charges in Panama.

(newsroompanama.com) A Bill to to curb usurious charges by banks  on credit card holders was introduced to Panama’s legislature Wednesday (August 8).

Representative Miguel Alemán complained of the "economic damage" faced by cardholders due to high interest rates currently applied across the market
He said the high interest rates for insurance and late fees reduce the possibility of cardholders paying off debts" generated by credit cards.

Aleman said that banks today are charging over $40 in fees for late payments and another $35 in financing fees, in addition to insurance and insurance tax.

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Original Source: http://www.newsroompanama.com/business/1663-bill-under-review-to-curb-usurious-credit-card-charges-in-panama.html
Date Retrieved: September 10, 2010.