Colombia's Superintendencia Financiera set the usury rate at 24.36% effective annual for January, down 0.66 percentage points from December. This lowers the cap on interest banks can charge on loans and credit cards, making financing more affordable for users. The adjustment directly affects the cost of deferring payments on purchases.
Colombia's Superintendencia Financiera announced the usury rate for January at 24.36% effective annual, a drop of 0.66 percentage points from December. This indicator sets the maximum interest limit that financial institutions can apply to loans, as regulated by the Penal Code, where exceeding it constitutes usury.
The reduction particularly benefits credit card users, as it lowers interest charges on deferred purchases or outstanding balances. By reducing the charging ceiling, installment financing becomes less expensive, encouraging lower debt levels amid high rates.
Additionally, the Superfinanciera outlined effective annual rates by credit type. For large-amount productive credits, the rate is 26.80%. In the rural productive sector, it stands at 18.65%, while urban productive reaches 38.49%. Popular credits show higher figures due to risk: 50.88% for rural and 59.83% for urban.
Experts like Juan Pablo Vieira, CEO of JP Tactical Trading, advise strategies to mitigate high-rate impacts. “The usury rate only comes into play with delinquency. A delay of just 24 hours enables the maximum interest charge,” he explained. He recommends timely payments, avoiding high-value purchases on credit cards, and activating payment alerts to prevent oversights.
This adjustment reflects dynamics in Colombia's financial system, where the usury rate serves as a benchmark for remuneratory and moratorium interests, influencing overall credit costs.
