Ticos in Over Their Heads in Debt
Costa Ricans are in debt to the banks for more than ¢70 billion colones (us$135.6 million dollars) according to calculations by the Superintendencia General de Entidades Financieras (SUGEF).
The situation has forced many Costa Ricans to= loset or are in the process of losing their homes and cars because of the unability to service their debt.

Luis Porras, director of the Centro de Desarrollo Empresarial de ULACIT, altough it seems difficult, Costa Ricans who has fast become of the more consuming societies in the world, can get out debt following some advice.

Porras advices:

- calculate and accept the total amount of the debt
- Calculate the fixed and variable expenses and do not spend more than necessary
- Use any extra cash to pay down the debt
- If needed, find a consolidating financial institution
- Cut up credit cards
- And finally to obtain the services of a professional financial adviser to control spending

Banks opened easy credit several years ago and have gained customers by offering specials on mortgages, cars and home and persona loans. Banks have also been doing a booming business in the credit card market, some with interest rates over 50% per year.

The Latin American University of Science and Technology (ULACIT) is a private non-profit institution, with campuses in Costa Rica and Panama, dedicated to the cultivation of liberally educated professionals and embodies its founding principles in the diversity of the college community and its commitment to the common good, intellectual openness, and international character.

The ULACIT is offering free courses on debt management by simply calling 532 4000.