Dominican Republic consumers face soaring credit‑card debt amid 27% interest rates

In the Dominican Republic, consumer loan interest rates reached 27.06% in June 2025, prompting many users to mishandle credit cards. Financial experts highlight common mistakes such as paying only the minimum amount, not reviewing statements, using cards for impulsive or everyday expenses, taking cash advances, and holding multiple cards, which can extend repayment periods to years and multiply the original purchase cost.

These practices are compounded by rising living costs: more than 40% of workers report having to downgrade their grocery basket, leading some to rely on credit, installment plans, or delayed payments to cover basic needs. The Superintendencia de Bancos advises keeping total debt commitments below 30% of monthly income and reviewing credit reports regularly to avoid unexpected score drops.