Overall credit in Brazil’s economy has more than doubled to 47 percent of gross domestic product since 2003, still low compared to rich economies, but higher when the near-extortionate interest rates are considered.
Stories of consumers up to their necks in debt have become standard fare in the country’s media. The Globo news website this week published a series of portraits of indebted Brazilians, including a 27-year-old journalist who ends each month with a 600 reais ($387 US) overdraft to pay for beauty treatments and a retiree in Rio de Janeiro who spends a third of his income paying back his 20,000 reais in debt.
“The rope is around my neck,” the retiree, Valdemar Bianco, was quoted as saying. “I have to find a way out of this.”
Read the series “Endividados” – in Portuguese, though.
Another interesting (though not recent) article from Veja magazine: “O Natal mais democrático, caro – e endividado – da história

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