Unemployment is the main reason for indebtedness in Brazil (30%). Credit card debt is predominant (53%), followed by stores (34%) and basic accounts (32%).
The picture also affected the Brazilian’s emotional well-being. Being indebted is a source of shame for 88% of people, with an impact on social life (85%) and concentration at work (76%). The sleep of 85% of respondents is affected by debt and six out of 10 people interviewed say they felt a reflection of debt in their relationships with family and friends. Debts impact 62% of the relationship between partners.
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The data are from the 2021 Indebtedness Study, Opinion Box and Serasa. The survey is carried out annually and considered the impacts of the pandemic on the consumer’s financial life.
“Unfortunately, indebtedness is still a shame for Brazilians, but most of the time, debts accumulate due to factors external to the defaulter’s will,” said Diogo Meister, manager of Serasa Limpa Nome, in a statement.
“But there is no reason to be ashamed of a difficulty that at the moment affects more than 62 million citizens of a country with 14 million unemployed”, completes Meister.
According to data from Serasa, in October, Brazil registered 63.4 million defaulters. The total amount of debt reached R$253.6 billion. Respondents stated that 69% of their credit card purchases are from food and supermarkets, followed by purchases of clothes and appliances (42%), medicines and medical treatments (41%).
When comparing 2021 with the previous year, there was an increase from 62% to 70% in the number of people who had to make choices when deciding which debt to pay first. The percentage of repeat debtors remained practically stable from one year to another: 51% in 2020 and 54% in 2021.
The Indebtedness 2021 Study polled 6,646 people in all regions of the country between November 4 and 14, 2021. The margin of error is 1.2 percentage points and the confidence interval is 95%. The full study is in the site.
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