Photo: Disclosure/Agência Brasília
In February, there was a reduction in average interest rates for revolving credit card operations, falling from 419.3% for 412.5% per year, the lowest rate since December 2022. This type of credit, known for being the most expensive, is activated when full payment of the invoice is not made by the due date. The drop in interest rates occurs for the second time in a row after the implementation of new legislation that limits revolving interest to 100% of the amount owed, preventing the debt from exceeding twice the original amount.
The interest rate for credit cards in installments also decreased, recording a drop of 3.3 percentage points in the month and 7.3 percentage points in one year, resulting in 184.5% per year. This reduction had a significant impact on reducing the average interest rate charged to families.
The volume of credit in the National Financial System (SFN) grew 7.9% in 2023. Meanwhile, special check interest increased by 6 percentage points in the month, but a reduction of 2.9 percentage points in one year, reaching 131.8% per year. For companies, the average interest rate was 21.4% per yearwith a monthly drop of 0.9 percentage points and annual 2.4 percentage points.
In the free credit segment, where banks have more autonomy in operations, the average interest rate was 40.2% per year in February, with a decrease of 0.3 percentage point in the month and 3.8 percentage points in a year.
For targeted credit, which includes sectors such as housing and rural, the average rate for individuals was 9.4% per yearwith a reduction of 0.3 percentage point in the month and 0.8 percentage point in a year. Companies experienced a decrease in 0.3 percentage point in the month and 1 percentage point in one year, setting the rate at 12.2% per year.
