4 out of 10 Brazilians are in default, SPC and CNDL point out

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Almost four out of ten adult Brazilians were in default last month, which corresponds to 61.94 million people with outstanding credit bureaus, according to a survey carried out by the National Confederation of Shopkeepers (CNDL) and the Credit Protection Service (CNDL). SPC Brazil). The number of defaulters included in the credit bureau’s base increased by almost 6% last month compared to April 2021.

The total number of defaulters today is not a record mark. The largest contingent was 63.08 million, reached in November 2018, according to the SPC Brasil series, started in January 2015.

“We have a level of defaulters very close to that of 2018, which was a historic record, and the perspective is that this number will increase”, said Merula Borges, CNDL’s financial coordinator.

Despite the injection of extra resources into the economy, such as the anticipation of payment of the 13th salary for retirees and pensioners of the Social Security and the release of FGTS installments to workers, the specialist recalls that the domestic and international economic scenarios are troubled and that this can worsen the default situation.

The Central Bank has already indicated that it should continue raising basic interest rates, currently at 12.75% per year, to contain inflation of 12.13% in the 12 months through April. High interest rates make it difficult to get off the default list and make the debt snowball in the event of any delay.

The survey shows that, of the defaulters, half are in arrears between 91 days and a year. A year ago, basic interest rates were at an all-time low of 2%.

Source: CNN Brasil

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