Influenced by the revolving limitation in force since the beginning of the year, the average interest rate on revolving credit cards fell 5.3 percentage points for families, falling from 432.2% per year in July to 426.9% per year in August this year. In 12 months, interest rates fell by 18.6 percentage points. The data is in the Monetary and Credit Statistics released this Friday (27) by the Central Bank (BC).
Revolving credit lasts 30 days and is the one taken by the consumer when they pay less than the full amount of the card bill. In other words, you take out a loan and start paying interest on the amount you were unable to repay.
The modality has the highest rates on the market. In January of this year, the law came into force limiting revolving interest to 100% of the debt value, but the measure does not affect the interest rate agreed upon when the credit was granted. As it only applies to new financing, the impact on the statistical calculation is delayed over the months.
After 30 days, financial institutions pay the credit card debt in installments. In the case of the installment card, interest rose 4 percentage points in the month, to 182% per year. In 12 months, however, the rate accumulates a drop of 12.6 percentage points.
Special check
In special checks, the scenario is different. In August, the average rate for the modality was 134.3% per year, with an increase of 2.7 percentage points in the month and 2.4 points in 12 months.
Since 2020, the modality has limited interest at 8% per month (151.82% per year), but the end of the fall in the Selic rate (basic interest in the economy) and the increase in defaults are reflected in the rise in average interest rates of the special check.
Individuals
Even with the increase in some modalities, the average interest rate on credit to individuals with free resources reached 51.9% per year in August, accumulating a decline of 0.2 percentage points in the month and 5.9 percentage points in 12 months. The number only considers credits with free resources, excluding credits with subsidized interest granted by official banks or targeted credits, such as those granted with resources from the Service Time Guarantee Fund or savings accounts.
The result of free credit to families in August was also impacted by the monthly decline of 3.8 percentage points in non-conducted personal credit operations, to 95.4% per year. Over 12 months, however, the average rate rises by 2.8 percentage points.
The average rate for individuals is expected to rise in the coming months, with the recent increase in the Selic Rate (basic interest rates for the economy) from 10.5% to 10.75% per yeardefined by the Monetary Policy Committee (Copom) of the Central Bank. September data will only be released at the end of October.
Companies
In operations with companies, the average rate remained stable at 21.1% per year. In 12 months, interest accumulates a drop of 1.5 percentage points. Basically, the monthly increases in the average rates for special checks (2.6 percentage points), working capital with a term of more than 365 days (0.2 percentage points) and credit card installments (4.9 percentage points) contributed to this result. percentage points).
Conversely, there was a drop of 32.1 percentage points in revolving credit cards, 3.4 points in the working capital revolving ceiling and 0.3 percentage points in discounts on bills and receivables.
Average rates
In total credit with free resources, considering individuals and legal entities, the average interest rate remained stable at 39.8% per year in August. The indicator accumulates a drop of 0.6 percentage points in 2024 and 0.5 points in 12 months.
In free credit, banks have the autonomy to lend money raised in the market and define the interest rates charged to customers. In targeted credit, the rules are defined by the government, and are basically intended for the housing, rural, infrastructure and microcredit sectors.
In the case of targeted credit, the average rate for individuals was 10% per year in August, falling 0.2 percentage points in one month and 1 point in 12 months. For companies, the rate rose 0.6 percentage points in the month and 1.3 percentage points in 12 months, to 12% per year. In total, the average targeted credit rate remained stable at 10.5% per year in August, with a decline of 0.4 percentage points in 12 months.
Default
According to the Central Bank, default rates – considered delays of more than 90 days – have remained stable for a long time, with small fluctuations and registered 3.2% in August. In operations for individuals, it is 3.8% and, for legal entities, 2.4%.
Household indebtedness – the relationship between debt balance and income accumulated over 12 months – stood at 47.9% in July, an increase of 0.2 percentage points in the month and a decrease of 0.2 points in 12 months. Excluding real estate financing, which compromises a considerable amount of income, debt stood at 30% in July.
Income commitment – the relationship between the average value for paying debts and the average income calculated in the period – was 26.6% in July, an increase of 0.4 percentage points in the month and a drop of 0.9 points in 12 months.
The last two indicators are presented with a greater lag from the month of publication, as the Central Bank uses data from the National Household Sample Survey (Pnad), from the Brazilian Institute of Geography and Statistics (IBGE).
