Commercial banks are being urged to tighten their credit card lending practices after outstanding balances climbed to a record $94 billion, with one economist warning that the trend could push more households into financial distress.

Bank of Jamaica (BOJ) data show that commercial banks’ credit card receivables more than doubled in nominal terms, rising from $40.2 billion in 2017 to $94 billion as at April 2026. The central bank’s record shows 435,883 credit cards were in circulation at the end of 2025.

Economist and researcher Janiel McEwan in an interview with the Jamaica Observer said that while consumers must take responsibility for managing their finances, financial institutions should also shoulder some of the blame for encouraging borrowing through aggressive marketing and automatic credit-limit increases, while charging what he described as some of the highest credit card interest rates in the region.