Number of indebted families in Brazil hits new record in October – CNC
RIO DE JANEIRO, BRAZIL – According to a CNC survey, in October 74.6% of families in the country admitted having debts due on credit cards, post-dated checks, personal, home or vehicle loans, a percentage that has been steadily increasing since April 2020.
Brazilians’ personal finances have been affected by rising inflation, which has reached 10.25% in the past 12 months, and have been forced to take out loans to cover their needs, according to CNC.
The data disclosed show that the number of debtors increased by 8.1% over October 2020, the second largest annual increase in the historical series, but that this growth rate slowed down in relation to the immediately preceding month.
In September, indebted Brazilian families grew by 0.6%, attributed by the entity to increases in the cost of money, as the basic interest rate was raised to 7.75% per annum in October, its highest level in 4 years.
Of the total number of indebted families, 25.6% are in arrears and over 10% said they are unable to pay their debts.
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