Brazil Credit Origination and Household Indebtedness

Brazilian credit origination grew 1.5% in April, but household indebtedness remains near record levels at 49.8%. Goldman Sachs anticipates future headwinds from tight monetary policy, tempered by public bank lending activism ahead of the 2026 elections.

Key Takeaways

• 1.Bank credit origination in Brazil firmed in April, growing 1.5% month-over-month in real terms, driven largely by corporate credit.
• 2.Household indebtedness remains at a near-record high of 49.8% of disposable income, with high debt service costs acting as a headwind.
• 3.Lending rates saw significant increases in April, particularly for households where rates rose 150bp to 63.0%.

Table of Contents

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• Disclosure Appendix
• Reg AC
• Disclosures
• Global product; distributing entities
• General disclosures

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