BRASILIA, Brazil–Cardholders in one country will want to do all they can to avoid carrying a balance. According to one new report, the average interest rate Brazilian credit card issuers charge on unpaid balances is a shocking 346.3%.
Bloomberg reports that Brazilians who took on debt during the pandemic are bearing the brunt of the country’s central bank’s campaign to tame stubborn double-digit inflation.
“While policymakers in the U.S. and Europe dithered, monetary authorities in Latin America’s biggest economy were quick to respond to surging prices, prodded by memories of bouts of hyperinflation that stretched into the early 1990s,” Bloomberg said.
Since March 2021, Brazil’s central bank has ratcheted up its benchmark interest rate, called the Selic, a total of 875 basis points.
“The strong medicine is starting to show results. Consumer prices rose 10.4% in January from a year earlier, an improvement on an 18-year high of almost 11% in November,” Bloomberg noted.
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