The interest rate on credit cards in Brazil last December reached its highest level since March 2011, when it began releasing such statistics, to reach 431.4% a year, said Wednesday the Central Bank.
In December 2015 an increase of 16.1 percentage points from November, representing an increase of 99.8 percentage points compared with the same month last year was recorded, when the rate was 331.6% annually, the central bank said in a statement released Wednesday.
The average rate of purchases fractional interest and installment payment of credit card rose 1.4 percentage points from November, when it had registered a 136.2% accumulated in the year to December 2015.
These data contrast with the benchmark interest rates in Brazil, which is currently 14.25% per year, although the market expected to be raised again to combat inflation.
A study of the consumer association Protest reported late last year stated that the interest in Brazil far exceed those of most Latin American countries, where rates of between 25% and 40% charged for the use of credit cards.
Source: AFP.
Source: AFP.