According to a recent report released by the Central Bank of Brazil, the country is poised to witness a substantial 30.9% growth in the number of credit card users between 2019 and 2022. The data highlights a significant shift in consumer behavior, indicating a rising preference for credit card transactions among Brazilians. In June of last year, the report revealed that approximately 84.7 million individuals carried credit card debt balances, compared to 64.7 million in June 2019. This substantial increase indicates a notable surge in the adoption of credit cards as a preferred payment method in Brazil.
Within this context, it is essential to understand the concept of ‘debit balance,’ which refers to the unpaid amount resulting from a purchase, either in installments or as a lump sum, on which interest may be charged. The report’s findings shed light on the escalating prevalence of debit balances among credit card users in Brazil.
The data further highlights an interesting trend, revealing that 54% of customers possess debit balances with a single financial institution, while 25% have balances with two institutions, and 20% have balances with three or more. This correlation between the number of credit card ties and higher average debt balances suggests that customers utilizing cards from multiple institutions tend to expand their spending capacity through additional credit limits, ultimately resulting in higher consolidated debit balances.
In a significant legal development, a group of LGBTQ activists in Uganda has filed a lawsuit in the nation’s Constitutional Court, seeking to challenge a recently enacted law that imposes severe...
NVIDIA Corp., the globally renowned semiconductor leader, announced on Monday an exciting array of groundbreaking products and services centered around the revolutionary field of artificial intelligence...
JPMorgan Chase & Co., a leading global financial institution, has committed $200 million to initiatives aimed at removing carbon from the atmosphere. In a significant move, the company has made a $20...
Rapidly escalating to an alarming figure, new estimates reveal that over 50 million individuals worldwide are currently trapped in conditions of slavery. This number represents a distressing increase of...
Goldman Sachs Group, one of the world’s leading investment banks, has significantly boosted Japan’s prominent taxi-hailing provider, Go, by becoming its largest startup investor in the...
Ukraine, currently grappling with the repercussions of Russian aggression, faces a myriad of challenges that extend beyond the conflict itself. As the country is still facing war and looks towards the...
Alphabet Inc., the parent company of Google, has unveiled its plans to introduce additional functionalities to its Image Search tool with the objective of assisting users in identifying the genuine source...
Twitter has announced its intention to incorporate video editing and filters into its platform, following in the footsteps of Meta Platforms Inc., also known as Meta, the parent company of Instagram. The...
The World Health Organization (WHO) declared on Friday, May 5th, that COVID-19 no longer constitutes a public health emergency of international concern (PHEIC). The decision was made by the...