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Brazil's default rates up 21 pct in 2011

01-11-2012 13:31 BJT

RIO DE JANEIRO, Jan. 10 (Xinhua) -- Brazil's default rates in retailing rose 21.5 percent year-on-year in 2011, registering the country's sharpest rise since 2002, said the consulting company Serasa Experian on Tuesday.

Though the country's debts climbed up last year, the average amount of debts fell in some categories, including debts to stores, credit card, financing companies and banks, the consulting company said.

The average value of protected securities rose 16 percent to 1,372 reais (762 U.S. dollars) in the past year, while the number for returned checks also rose 8.4 percent to 1,359 reais (755 dollars).

Serasa Experian blamed the rising default rates on surging inflation rate in 2011. High inflation led to shrinking income and higher interest rates, thus making payment more difficult.

Brazil's inflation rate rose to 6.5 percent in 2011, the highest figure registered in seven years.

 

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Editor:Bai Yang |Source: Xinhua

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