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Interest rates on credit cards in Brazil reach 414 pct

Xinhua, October 28, 2015 Adjust font size:

The interest rates levied on credit cards in Brazil rose 10 percent in September compared to the previous month, reaching 414 percent a year, the Central Bank of Brazil (BCB) reported Tuesday.

Banks provided a total of 26.214 billion reais (6.636 billion U.S. dollars) in credit last month, an increase of 3.3 percent compared to the same period in 2014, the bank said in a press release.

The rate of delayed credit card payments also rose in September to 38.1 percent, compared to 36.5 percent in the same period the year before.

The average rate of interest charged by banks on loans to consumers for miscellaneous purposes went from 61.2 percent in August to 62.3 percent in September.

The rate of delinquency on business credit also rose to 29.3 percent in September, compared to 28.7 percent in August. Endi