The number of indebted and defaulting Brazilian families grows

According to a survey conducted by Brazil's National Confederation of Trade in Goods, Services, and Tourism (CNC), the number of indebted Brazilian families rose from 61.5% to 62.4% between February and March 2019. In the same period, the number of default of families grew from 23.1% to 23.4%. This is the highest level since 2015 according to the CNC.

The credit card was the main source of debt for 78.0% of indebted households, followed by bills (14.4%) and car financing (10.0%).

In Brazil, the interest rate charged by the credit card is among one of the highest in the world. In February of 2019, according to the Central Bank of Brazil, the revolving credit card interest stood at 295.5% per year.