This Monday (17), the Minister of Finance, Fernando Haddad, informed that 14 measures to encourage credit will be announced by the government by the end of the week. A meeting with representatives of financial institutions will be held at the end of the day to discuss possible revisions in interest on the revolving credit card, one of the measures under study.
Haddad pointed out that the current model of the revolving credit card has a significant impact on the low-income population, and that many people end up in default because of their credit card. Alternatives to the situation will be discussed with the banks later today.
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The rates for the revolving credit card will be subject to negotiation between the government and the banks, as announced by the Minister of Finance, Haddad. He cited the example of the INSS payroll loan, whose rates were limited to 1.7% per month, but increased to 1.97% after the banks suspended the offer.
In February, revolving rates rose 6 percentage points and reached 417.4% per year, according to the Central Bank. Since 2017, credit card revolving charges are limited to 30 days, after which the bank must renegotiate the debt with more favorable rates for the debtor.