• DEFERMENT: At least 4.7 million individuals and firms in Mexico have enrolled in deferment plans with their banks in order to survive the cash crunch stemming from the coronavirus pandemic, the Mexican Banking Association (ABM) said Tuesday.
• SUPPORT: According to the industry, the deferment programs have benefited individuals along with small and medium-sized firms in postponing payments for credit cards, mortgages and other types of loans. Yesterday, Goldman Sachs predicted an 8.5% GDP contraction for Mexico in 2020.
• CULTURE: “The main thing is that the payment culture prevails in the country”, said Eduardo Osuna, vice president of the ABM. Some of Mexico’s banks already closed their enrolling period for deferment plans in April but some have extended the date through May.
• NUMBERS: Among 18 to 20 year-olds, 31% of Mexicans (24.6 million) have some form of loan or credit product, according to Mexico’s statistics agency (INEGI) The most popular of the credit products among Mexicans are by far department store credit cards (15.1 million).
