RIO DE JANEIRO, BRAZIL - In addition to seeing their debts grow like a snowball (due to the daily incidence of penalties, interest, and monetary correction), people with bad credit lose access to bank loans, overdraft, and credit cards.
An explanation for the high default rate is the country's historically delicate economic situation, with low wages and high unemployment. But this is not the only cause. Unpaid bills also have an individual component: the so-called financial . . .