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Brazil's Middle Class Finds a Lifeline at the Pawnshop
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Brazilians turn to pawn shops lending by government owned bank Caixa, in a regulated portion of the lending industry, as credit card rates increase. Brazil experienced a huge surge in credit card debt in the years when consumer loans were freely made in the last decade. Between 2004 and 2014, consumer credit in Brazil increased 658% to $297 bilion, according to the National Association of Executives in Finance, Administration and Accounting. Central bank figures show 6.7% of personal bank loans and 26.3% of credit card accounts being in default. As in Turkey much of the country's growth was fueled by increased spending and consumer credit. The credit binge and the lower revenues from a decline in commodity prices is leading to slow growth and a stagnant economy.
Faces of the middle class in Brazil following a credit card binge 2014-2015
12/03/2014
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Brazil's Middle Class Finds a Lifeline at the Pawnshop
New York Times 12/03/2014
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Brazil's finance minister says Brazil is following a "developmental economics" model which was more appropriate for Brazil. This includes credit expansion for industry through state owned banks, including efforts to revive the auto industry with loans from state owned Banco de Brazil in 2012.
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Credit card debt in Brazil, China, Turkey and other emerging market countries.
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