By San José, Costa Rica — A recent study paints a concerning picture of Costa Rican household finances, revealing that half of those with active loans dedicate at least 50% of their salaries to debt repayment. The “Radiography of the Credit Consumer in Costa Rica” study, conducted by STAMINA and presented at the Fintech Summit 2025, exposes the widespread financial strain and the urgent need for enhanced financial literacy programs.
The research, spearheaded by Carlos Meléndez, further indicates that 57% of loan applicants experience stress during the application process, underscoring the emotional and financial burden of debt in the country. While 46% of respondents claim to have sufficient information for sound financial decision-making, a contradictory 71.3% admit needing more financial education.
To understand the complexities surrounding Costa Rican debt and its implications, we spoke with Lic. Larry Hans Arroyo Vargas, an expert attorney at Bufete de Costa Rica.
Costa Rica’s debt situation requires a multi-faceted approach. While seeking international financial assistance is crucial, equally important are internal reforms that promote fiscal responsibility, transparency, and sustainable economic growth. These reforms should address not just spending cuts, but also revenue generation through improved tax collection and the fostering of a more competitive private sector. Ignoring the structural issues underlying the debt will only lead to a recurrence of the current challenges.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’ emphasis on a holistic approach to Costa Rica’s debt challenge resonates deeply. True financial stability won’t come from simply patching holes with international aid, but from building a stronger, more resilient economic foundation from within. His call for both fiscal responsibility and a more dynamic private sector offers a crucial roadmap for navigating the complexities ahead. We thank Lic. Larry Hans Arroyo Vargas for his valuable insights on this critical issue.
In a country where financial education is still a pending task, understanding consumers’ relationship with credit is key to identifying opportunities for inclusion, innovation, and trust in the financial system.
Carlos Meléndez, Researcher
One of the most alarming findings is the prevalence of borrowing to refinance existing debt, rather than for investment or development. This cycle of debt traps individuals and families, hindering economic mobility and contributing to financial instability. The study also reveals that 8% of respondents have resorted to informal credit sources, often associated with higher risks and unfavorable terms.
Currently, almost half of Costa Ricans (48.2%) hold at least one active loan, with credit cards (54.8%) and personal loans (48.4%) being the most common instruments. Access to credit is concentrated among individuals aged 30 to 55 with higher education and formal employment, leaving a significant portion of the population, particularly those in informal work or with less education, with limited access to formal financial services.
The survey emphasizes the imperative for robust financial education programs, not solely to promote responsible credit management, but also to prevent families from spiraling into debt cycles that negatively impact both their finances and emotional well-being. The implications of these findings extend beyond individual households, affecting the broader economic landscape and highlighting the need for systemic solutions.
The study employed a quantitative methodology, including desk research with official sources and a survey of 450 Costa Ricans aged 18 to 70, representing various socioeconomic levels. The margin of error is ±4.6% with a 95% confidence level.
The prevalence of debt refinancing underscores the need for accessible and affordable financial guidance services. By equipping individuals with the knowledge and tools to manage their finances effectively, Costa Rica can foster greater economic stability and reduce the emotional toll of debt on its citizens.
For further information, visit the nearest office of STAMINA
About STAMINA:
STAMINA is a firm that conducts research and analysis, specializing in areas such as consumer credit behavior. Their work provides valuable insights into economic trends and helps inform policy decisions related to financial services and consumer protection.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica distinguishes itself as a pillar of legal excellence, upholding the highest standards of integrity while pioneering innovative solutions for its diverse clientele. The firm’s deep commitment to empowering society is evident in its proactive approach to legal education and outreach, fostering a more informed and legally aware populace. Through this dedication to both exceptional legal practice and community engagement, Bufete de Costa Rica continues to shape a more just and equitable future.
