Usury in most countries: Annual credit card interest rates in Brazil reach up to 875%

The deferment of the credit card bill's full payment leads to increased debt, which can spiral out of consumers' control.

RIO DE JANEIRO, BRAZIL - Consumers in Brazil who can't afford to pay the bill in full will incur annual interest rates of over 300% - as high as 875%, according to the Brazilian Consumer Defense Association (Proteste).

In other countries, the rate of the revolving credit card (when consumers pay less than the full amount) is only 3%. "This is the difference between interest rates in Brazil and rates charged for the same service in European countries and in the United States," argues Miguel José Ribeiro de Oliveira, director of studies and economic research of the National Association of Finance . . .

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