Wednesday, Oct 17, 2018
In debt
09 Oct
2018

By the end of last year, Barbadians had amassed $347 million in credit card debt.

This is according to the 2017 financial stability report.

It's a joint publication by the Central Bank of Barbados and the Financial Services Commission.

The report also revealed the number of credit cards in Barbados jumped by more than 40 percent between 2015 and 2017, from just under 91,000 to almost 129,000.

Of that $347 million in credit card debt, 93 percent of it was owed by individuals and households.

The report also noted that between 2000 and 2017, credit card debt grew at a faster rate than overall debt has - at an average of 8 per cent each year, compared to 5 per cent for all types of debt combined.

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