In the heyday of Brazil’s so-called economic miracle of the 2000s, the country gorged on debt. Brazil’s banks lowered their underwriting standards, making credit suddenly easily available to new segments of the population. And, as millions rose out of poverty, they turned to plastic and alluring installment plans to finance new homes, cars and goods. Then, as the South American dynamo retreated in 2011 and 2012, consumer credit defaults spiked, rising by more than 20 percent in the first six months of 2011, according to Seresa Experian, a ratings agency.
Posted on: Tue, 08 Oct 2013 16:11:15 +0000
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