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Boa Vista SCPC: Consumer credit demand in Brazil down 8.9% in H1 YOY

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Boa Vista SCPC: Consumer credit demand in Brazil down 8.9% in H1 YOY

Consumer loan demand in Brazil dropped 8.9% year over year inthe first half of 2016, according to data released by credit research firm Boa VistaSCPC.

In June, credit requests from individuals decreased 3% from theprevious month and dropped 8.2% from June 2015.

The firm attributed the downward trend to consumer uncertaintyover Brazil's current economic woes such as high interest rates, negative real incomeand rising unemployment rates. Boa Vista SCPC said it expects credit demand to stillbe at negative levels by year-end but improvements could potentially start in 2017.

Credit research firm Serasa Experian reported a consumer credit demand of 2.1% growthin June from the previous month with 3.2% growth from the year-ago period.

The two credit research firms use different methodologies as Boa Vista includes all creditrequests in its reporting and Serasa Experian calculates credit demand based onthe number of individual requests, discounting the number of times any one personrequests a loan.