Only one in seven Peruvians owns a credit card, according to a recent analysis by Equifax-Infocorp. This study, which covered 33.1 million people, reveals that an overwhelming 85.8% do not have access to this financial product. The main barrier lies in labor informality, which complicates income assessment by financial institutions. Among the respondents, 38.7% do not have a defined employment status, while 14.5% are self-employed without health coverage. This severely limits their ability to access credit, as most are considered invisible to the financial system.
María Chirinos, manager of the Personal Channel at Equifax-Infocorp, commented that the lack of information regarding income and job stability creates challenges in assessing credit risk. Within the 14.2% who do have at least one card, the differences are notable. Some 7.9% possess only one card with an average usage of S/ 1,600, while others with more than five cards use an average of over S/ 21,000. This highlights that the issue is not only about access but also about financing capacity.
Financial exclusion is not limited to the youth, affecting also individuals aged 31 to 45 and those over 66. The solution is not just to expand the credit offering but to incorporate more comprehensive assessment criteria. For more information on the importance of financial education, you can read this note.
