NewsWhore
06-30-2008, 05:30 PM
The family budget is taking a lot of hits these days. A 100-pound cylinder of propane for cooking went up by RD$200 over the weekend, and gasoline, diesel and kerosene have all hit new highs. In addition, food has also increased in price. According to El Caribe, the pressure on the family budget is affecting people's ability to repay many debts such as electricity and the corner market on time. According to the Superintendent of Banks, late payments constituted 4.45% of the bank's portfolios last year and the trend is expected to continue. "Shortage of money" and "other priorities" are just two of the reasons given by some experts in the field. The corner supermarkets are reporting an increasing rate of late payments on outstanding bills. The director of the program that supports micro, small or medium-scale businesses, Promipyme, reports that the organization's accounts are showing a 5.37% rate of late or overdue payments. The Agriculture Bank reports an 18% rate. Since the country held to low interest rates for a long time, many people increased their debt load, and with interest rates going up on mortgages, the credit crunch is affecting them.
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