Four out of every ten Brazilian adults are in debt, a proportion equivalent to a record 63.71 million people in the country, according to the National Confederation of Store Managers (CNDL).
In August, Brazil’s total number of people with debts grew by 10.13 percent compared to the same month last year, and by 0.78 percent compared to July.
The president of the CNDL, José César da Costa, explained that despite the improvement of some economic indicators in recent months, high inflation continues to hurt Brazilian consumers.
“Some indexes in the macroeconomic scenario had improvements, such as the increase in GDP, the decrease in unemployment, and the release of retroactive government aid, but high inflation, especially in relation to food, continues to impact the budget of families,” he commented.
Brazil’s largest number of debtors is concentrated in the 30-39 age bracket (23.99 percent), equivalent to some 15 million people.
By sex, women account for 50.9 percent of debtors, and men for 49.1 percent.
According to the report, each debtor owed an average of 3,630 reais (about US$700) in August, with an average payment period of 10 months.