Credit card interest rates rise for the 7th consecutive time.
Interest rates on credit operations for individuals and businesses have reached their highest levels since 2011; for individuals, the average interest rate rose to 6,77% per month; among businesses, there was an increase in all three lines (working capital; discounting of receivables; and guaranteed account), to 3,97% per month.
247 - A survey by the National Association of Finance, Administration and Accounting Executives (Anefac), released this Monday, the 11th, shows that interest rates on credit operations for individuals and legal entities rose in April for the seventh consecutive month and reached their highest levels since 2011.
For individuals, there was once again an increase in interest rates across all six lines surveyed (retail interest rates; revolving credit card interest rates; overdraft; CDC-banks-vehicle financing; personal loans-banks; and personal loans-finance companies). The average interest rate rose 0,06 percentage points in April compared to March, to 6,77% per month (119,48% per year), the highest level since July 2011.
Among legal entities, there was an increase in all three lines (working capital; discounting of receivables; and guaranteed account). The average interest rate rose 0,08 percentage points last month compared to the previous month, to 3,97% per month (59,55% per year), the highest level since November 2011.
According to Anefac, the increases can be attributed to three factors: a macroeconomic scenario that increases the risk of higher default rates; an increase in the Selic rate; and expectations of further monetary tightening due to high inflation.
"Given the current economic scenario, which increases the risk of rising default rates, as well as the likely further increases in the benchmark interest rate in the face of higher inflation, the trend is for interest rates on credit operations to rise again in the coming months," the association says in a report.