Thousands of Mexicans opt for cancelling credit cards

MEXICO: In just 10 months the Mexican population canceled 608,791 bank credit cards, although interest rates for the use of those financial instruments slightly decreased, show figures from the Bank of Mexico.

National newspapers present the official report as a sign of the impact of the economic crisis in the purchasing power of households, though the federal Executive ranks among the signs of recovery the creation of around 630,000 work positions from January to August 2010.

According to the secretary general of the Confederation of Workers of Mexico, Joaquín Gamboa, the difficulties have not ended because unemployment persists in various sectors.

For Gamboa, the reform proposed by the government will not resolve the situation; hiring part-time, seasonal and probationary periods are flexible arrangements that do not guarantee job stability.

For its part, the private sector alerts of new threats, according to the president of the Confederation of Industrial Chambers, Salomon Presburger, before the threats of a new economic slowdown in the US, Mexico should go for the reactivation and strengthening of its domestic market.