The default rate of families in the city of São Paulo reached 21.8% in February, according to a survey by the Federation of Trade in Goods, Services and Tourism of the State of São Paulo (Fecomercio-SP). According to the entity, it is the highest level since December 2019, when 22.2% were in arrears.
The percentage registered in February means that 872 thousand families have their bills in arrears, an increase of 61 thousand homes in relation to January (20.3%). In February 2021, the default rate in the city was 18.2%.
Delinquency is higher in the income bracket of up to ten times the minimum wage, at 26.4%. Among families earning above this level, 10.2% have debts in arrears.
indebtedness
Household indebtedness grew, according to Fecomercio, by 13 percentage points in the comparison between February this year and 2021, from 59.2% last year to 73% in the last month. In absolute terms, there are 2.92 million families with debts in the capital of São Paulo.
Among families that receive up to ten minimum wages per month, indebtedness stood at 76.2% in February. In households with incomes above that, 64% are in debt.
“Since last year, indebtedness has been breaking records due to the difficulty of families in maintaining consumption, in the face of inflation and unemployment”, analyzes the entity based on the data.
The situation worsens, in the assessment of Fecomercio, due to the hike in the basic interest rate that occurred over the last few months. “Those who have debts in arrears will pay more interest, and, as a result, there will be fewer resources left for consumption. The increase in the rate also brings risks to the financial system, which ends up restricting credit, making it more select”, emphasizes the federation.
