Interest rates on credit sales in Pamplona, a usurious business*.

Abstract

The purpose of this research was to determine the interest rates that commercial companies in the municipality of Pamplona that sell furniture and household appliances on credit charge their customers when making purchases and compare them with those allowed by law. According to Banco de la Republica (2013), the importance of credit for an economy is very great. Thanks to credit, individuals, companies and States can have access to resources that would otherwise be difficult to obtain. Similarly, credit sales are a phenomenon that has been growing in recent years in Colombia (Revista Dinero, 2017). This phenomenon also touched the study population Pamplona, Norte de Santander. A descriptive cut study was advanced, with a sample of 60% of the companies in the industry, officially registered in the Chamber of Commerce of the municipality. Important data emerged that allowed concluding that the merchants of the Municipality of Pamplona dedicated to the purchase and sale of household appliances charge for credit transactions, rates above those allowed by law. It was also considered that several alternatives should be studied before making a purchase, which may be less costly.