Did you know that Around 80% of families are in debt? Find out how the finances of Brazilian families are doing and how to improve this.
The debt of Brazilian families reached very high numbers in 2023, almost all families are in debt.
Due to everything the world has faced with the pandemic, many families have turned to bank loans. Others increased their credit card spending to buy something to eat.
There are still those who entered the special check, in short, the result of this is that the majority of Brazilian families suffer from debt.
This is the highest percentage of people in debt since the survey began in 2011. The body responsible for the survey is the Consumer Debt and Default Survey (Peic).
Thus, around 80% of families are in debt, defaults grew in all sectors, this directly affects the country's economy.
Debt is different from default
Although default rates have increased in all sectors, due to high family debt, the concepts are different.
Debt does not necessarily mean delay in installments, but a high commitment to monthly income with installments. Be it financing or credit card.
Even if all installments are being paid on the due date, the high commitment of monthly income to them is a warning sign.
Since all families go through unforeseen situations, whether a car breaks down or an illness. Extra expenses are always present in the life of any family.
This is how default occurs, a very small portion buys knowing they will not be able to pay. The vast majority commit their budget without having a emergency reserve.
This way, when the emergency arrives, you need to choose the most urgent bills for payment, leaving others behind.
How does debt affect our relationship with banks?
With about 80% of families are in debt banks turn on the warning signal against default.
At first, making loans difficult, and increasing rates already predicting the default of many account holders.
Therefore, even for people who have the financial means to pay their loan on time, it will be more difficult to obtain the loan.
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And if it succeeds, the values will be higher due to the indebtedness of Brazilian families. So if you need a loan, it's a good idea to wait if possible.
This is not the ideal time to take out bank loans. However, if this is not possible, it is good to be prepared to offer guarantees to the banks.
The more security the bank has that it will receive your payment, the easier it will be to get the loan.
Around 80% of families are in debt, what is the main reason?
The research showed that The main cause of household debt is credit cards. However, contrary to what many people think, 65% of the expenses were on food.
In other words, they were not even superfluous expenses, but a necessity that compromised the budget that decreased with the pandemic and other economic factors.
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Once you are in debt, the solution is teamwork, reducing expenses together with your family. And increasing revenue, also in partnership with everyone who lives with you.
Think about possible sales of products that are not used, pay off debts with higher interest, negotiating if possible.
And fight for financial freedom, adapting your budget to your monthly income.
For more tips visit the website Serasa.
