Friday, January 28

Now12 reaches a record and banks threaten to abandon the program

In the accumulated of the year, the sales of Now12 amounted to $ 839 billion, according to real-time data processed by CEPXXI. As of July, the Government incorporated 24 and 30 quotas in some items to revive private consumption for the elections. From the point of view of aggregate demand, private consumption, which fell 15.3% in the first three quarters of 2020, grew 9.8% in the same period of 2021, although below the expansion of GDP, of the 10.8% average in the first three quarters, according to the CIFRA center.

On January 31, the program expires, and as this newspaper learned, the intention of the Ministry of Internal Trade will be to extend it, to sustain domestic consumption. However, meetings with the banking sector have not yet started. Before, Feletti analyzes how it will come out of the freeze on food and medicine prices, which ends on January 7 after almost 3 months. It will be the first time that he will be in charge of updating the Now12, after the departure of Paula Español.

For their part, the banks will ask that interest rates be raised. They consider that, with the current rates, the program is “unviable”, because it “generates increasing losses” to the banks, according to what they assured Ámbito from the sector. In the absence of modifications, they anticipated that there are two options: “The margins that can be financed in installments will be reduced or the banks will leave the program directly, because it is something that banks can adhere to or not,” they stated. private sector sources. If it continues as it is, they anticipated that it could “disappear” or “dissolve”.

The maximum direct discount rates that bank issuers can apply to the trade, to be charged within 10 business days of the sale, are: 3.1% in 3 installments, 6.01% in 6 installments, 11.48 % in 12, 16.52% in 18, 23.27% in 24 and 28.67% in 30 installments, well below the inflation projected by private surveys.

Now plans are the most beneficial to finance in installments, according to an analysis carried out by the consulting firm Focus Market for Christmas purchases. For example, in the purchase of a 3-wheeled scooter toy, which costs $ 8,549 in cash, there are three types of financing: the Now12 plan, with installments of $ 904 (final cost $ 10,857); a department store card, with installments of $ 1,067 (final cost $ 12,804) or, with a personal loan with installments of $ 1,441 (final cost $ 17,298).

In purchases with credit card, the participation of the Now plans increases, which reach 25% of the total volume, while purchases in a payment or with traditional installment plans are reduced, according to the latest report of the media Prisma index payment, with data from the third quarter. This is due to the momentum of the Now 24 and Now 30 plan, the report added.