Hits New Record the Credit Card Interest and Overdraft

Credit Card Interest RateIt is the highest rate since July 1994, when the research began to be made. This is because, in July, the average rate of the overdraft reached 318.7% per year, while the revolving credit card rate reached 470.7% per year. Already the company default rate rose from 5.1% in June to 5.2% in July, the highest level also since May this year (5.3%). There was increase in various forms, such as personal loans and installment credit card. The default rate on free credit rose to 5.7% in July compared with 5.6% the previous month, the Central Bank….

Interest on overdrafts and credit card hit new record

The default rate on free credit rose to 5.7% in July compared with 5.6% the previous month, the Central Bank. According to the Central Bank, the average interest rate for the purchase of vehicles by individuals, in turn, amounted to 26% per year in July – the same level as June. The average rate of financial system credit operations increased 0.2 percentage points and reached 42% per year. The credit card revolving grants totaled R $ 25.329 billion in July, down 2.8% over June and low of 2.5% in 12 months. In the same period, the average bank interest (excluding housing loans, rural and BNDES) rose by 13.6 percentage points and those collected only from individuals advanced 19.9 percentage points.

In the year, the rate for the payroll fell by 0.2 point percentuail and twelve months, an increase of 1.4 percentage points. Interest rotary credit card had slightly lower and stood at 470.7% per year.

For Maciel, the default is “well-behaved”, influenced by stricter criteria of banks to grant credit. Last month, the default rate increased 0.1 percentage point to 5.7% after recording decline in June. The companies charged rate rose 1 percentage point to 12.7% per year. The rate of default of companies remained stable at 1.1%. In July last year, the stock was R $ 3.11 trillion. Last year, the Gross Domestic Product (GDP) shrank 3.8% and the forecast for this year is a fall over 3%.

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