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Brazil consumer defaults hit 61.2 million in April as unemployment grows

The number of Brazilian consumers in default reached 61.2 million in April, increasing 1.9% compared to a year-ago period, with total arrears hitting 271.7 billion reais, according to credit research firm Serasa Experian.

Compared to the linked quarter, the consumer delinquency rate rose 0.4%. The indicator's level in April is the highest recorded since November 2017, in which it reached 61.1 million.

The increase was mainly due to a rise in unemployment in the first quarter of the year, according to Serasa Experian economists. The concentration of financial commitments typical of the first months of the year, including state taxes, also impacted delinquency in April.

By segment, bank and credit card arrears had the biggest delinquency rate in April with 28.6%, followed by utilities with 19.2% and retail with 12.6%.