Brazil consumer defaults rose 15.8% in 1Q15 largely due to rising interest rates, higher inflation and a weaker job market according to Serasa Experian. The average size of non-bank debts rise 35% in the quarter to 437.30 reais ($400), and bank debts rose 0.4% to an average of 1,248.25 reais ($140). Brazilians have been less willing to take on new debts, and are also finding it harder to pay off existing loans as consumer confidence hovers at its lowest level since 2007.
Brazil consumer defaults rose 15.8% in 1Q15 largely due to rising interest rates, higher inflation and a weaker job market according to Serasa Experian. The average size of non-bank debts rise 35% in the quarter to 437.30 reais ($140), and bank debts rose 0.4% to an average of 1,248.25 reais ($400). Brazilians have been less willing to take on new debts, and are also finding it harder to pay off existing loans as consumer confidence hovers at its lowest level since 2007.