The use of credit cards in Paraguay reached historic levels in early 2026. According to data from the Central Bank of Paraguay (BCP), the total balance of credit cards in the banking system surpassed the barrier of G. 6.6 trillion (approximately US$ 1.1 billion) at the end of the first quarter, representing a year-on-year growth of 30.6% — meaning credit card debts are tripling the pace of economic growth.
This phenomenon, popularly known as the "card fever," reflects a change in Paraguayan consumer behavior, who increasingly resort to short-term financing to sustain daily consumption and take advantage of promotions from financial institutions.
The galloping rise in fuel, food, and service prices is pressuring Paraguayan families, in a scenario of a possible increase of G. 50,000 in the minimum wage — an amount considered insignificant in the face of widespread increases. Although the government claims that inflation is "under control," this view contrasts with the reality faced by consumers at store checkouts.
The BCP report reveals that not only the amount of debt grew, but also the number of plastic cards in circulation. Currently, there are about 2.5 million active cards, an increase of 13% compared to the same period last year.
Industry analysts point out that aggressive competition among banks — led by traditional players such as Itaú in balance volume, and new digital competitors like Ueno in card issuance — has democratized access to credit, albeit with risks.
Despite the dynamism, the BCP raises an alert about the quality of this debt. Default is concentrated mainly at the extremes of the credit pyramid. Low lines (less than G. 3 million) have a default rate of 6.9%. Lower-middle lines (G. 3 to 5 million) show the highest rate, standing at 7.9%.
"Growth is positive for consumption, but the speed of indebtedness must be closely monitored to avoid over-indebtedness of families in a context of rates that are still sensitive," explained financial system technicians.
The average financed balance per cardholder currently stands at around G. 2.5 million. While lines above G. 10 million show more stable payment behavior, lower-income segments are the ones that most "bicycle" their debts to make ends meet, driven by discounts at supermarkets and gas stations that dominate the current advertising market.