Over 70 million Brazilians in default

The number of Brazilians in default surged from 59.3 million in January 2018 to 70.1 million in January 2023, a record in this time series, as per an unprecedented study released Monday (Feb. 27) by Serasa Experian, a company that gauges credit risks.

Not only has default increased, but so has the value of the debts. On average, each defaulter owes BRL 4,612.30—up 19 percent from BRL 3,926.40 in January 2018.

Those aged 60 and older are the most impacted. In this group, the total of people in default grew 17 percent, with other age brackets rising 12 percent.

Women face the issue more than men. Among the former, the swell was 18 percent in the value of debts, compared to 16 percent for the latter.

Inflation and high interest rates are said to have pulled up the figures in the time span surveyed.