According to SPC Serasa, 4 out of every 10 young Brazilians have a debt that has already won and has not been paid. Unemployment is the main reason for the very high level of indebtedness among young Brazilians. According to the website Poder360, the unemployment rate among young Brazilians is 30%.
This same survey carried out by SPC Serasa pointed out that at least one in four Brazilians who bought with credit cards entered the revolving credit in February 2019, a month in which the average annual interest rate charged by this modality loan was in 286.9% per year in Brazil.
The high level of unemployment among young Brazilians and the inexistence of other cheaper lines of credit ends up pushing a multitude of young people to one of the most expensive loan modalities in the world.
This is the scenario for a country with 27.9 million unemployed/underemployed, 63 million defaulters and whose banks charge the highest spreads in the civilized world. The current government, and also the previous government, does nothing to change the situation. On the contrary, it uses the Central Bank to impose norms capable of reducing the performance of the Fintechs. An example of this is the Resolution 4.658 of the National Monetary Council. This rule makes it more difficult to comply with the technical, legal and economic adjustments imposed by National Monetary Council (CMN) Resolution 4.658, which, in turn, diminishes the capacity of the Fintechs and reduces the supply of credit in the country.
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