The growing indebtedness of Mexican credit card users has actually created a new opportunity for the shadowy, high-interest lender. To pay off high-interest credit cards, some debtors look again to the agiotistas. Meanwhile,
delinquency rates on U.S. credit card accounts topped 5% at the end of the last year, with default rates continuing to climb upward during the first few months of 2009.
Mexico is the first nation to be granted the IMF credit under its newly created ’flexible credit line’ (FCL) available to strongly performing economies with fewer strings attached, to tide over the worst economic crisis in over 60 years.