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Brazil consumer defaults hit 61.1 million in November

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Brazil consumer defaults hit 61.1 million in November

The number of Brazilian consumers in default rose 1.91% year over year to 61.1 million in November, with the total of overdue debt topping 270.5 billion Brazilian reais, according to credit research firm Serasa Experian.

Although debts with banks and credit cards made up the largest proportion of defaults, Serasa Experian attributed the November increase to overdue utility bills, which ticked 0.7% higher compared to the prior-month period.

The Southeast region of the country showed the highest concentration of underwater borrowers, accounting for 44.9% of the total, followed by the Northeast with 25.3%.

As of Dec. 18, US$1 was equivalent to 3.28 Brazilian reais.