Brazil's credit card interest rate hits record 482 pct

The annual interest charged on credit card debt in Brazil hit a record high of 482.1 percent, Brazil's Central Bank reported Friday.

The rate rose 6.3 percent on a month-on-month basis in November, the bank said.

Finance Minister Henrique Meirelles said Thursday the government will move to lower credit card interest starting in March 2017.

"The current conditions of the Brazilian economy are already quite different, and we are in the process of a fiscal adjustment," Meirelles said.

In November, the yearly interest charged on bank loans to individuals or households remained at 73.6 percent, while that charged on loans to companies dipped 0.5 percent to reach 29.9 percent. Endi