“Debt is the worst poverty.” -Thomas Fuller
When we were shopping for appliances in Nicaragua, I didn’t understand the prices that were displayed. All I wanted to know was the total cost of a refrigerator, but instead the prices were listed in monthly installments on stickers that must have been glued on the appliances with super glue because they were impossible to remove!
It didn’t take me long to figure out that the majority of Nicaraguans can’t afford to pay the total cost upfront. Not only is credit “king” in Nicaragua, but the lack of consumer protection, the outrageous interest charged to buy on credit, and the lack of education about consumer rights in Nicaragua combine to make the worst poverty.
So, Let’s Get Real About Consumer Protection Rights in Nicaragua. (or the lack of them)
The first Consumer Protection law for Nicaragua was passed in 2013. Below is the link for the law in Spanish.
Law 842: Law of the Protection of the Rights of the People who are Consumers and Clients