Mexico's Rubén Moreira proposes reforms to curb exorbitant credit‑card interest

Deputy Rubén Moreira Valdez warned that some Mexican credit‑card products charge annual interest rates above 100% and total annual costs (CAT) exceeding 200%, which can quickly multiply a borrower’s debt. He said the practice harms low‑income families and urged the government to protect users.

Moreira announced he will submit a point of agreement and a legislative initiative to amend the Credit Institutions Law, targeting abusive clauses such as fees for card inactivity, cash‑payment surcharges and minor payment delays. He called on CONDUSEF to launch permanent campaigns that clearly disclose the real cost of credit cards.

Financial expert Mario Di Costanzo noted that roughly 46 million credit cards circulate in Mexico and the delinquent portfolio for this segment tops 64 billion pesos, growing over 20% year‑on‑year. He emphasized the need for transparent information and the elimination of punitive commissions.