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Tuesday, December 6, 2022
HomeEconomyConsumer pays up to R$93 more in installment plans since 2021; ...

Consumer pays up to R$93 more in installment plans since 2021; see simulations

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The Copom (Monetary Policy Committee) maintained the Selic at 13.75%, after 12 consecutive increases. Since the Central Bank began to raise the basic interest rate to contain inflation, consumers with credit card installments have already paid R$93 more in interest.

According to calculations by Anefac (National Association of Executives), revolving interest in the last 12 months of the credit card reaches 397.23%.

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Taking out a personal loan has also gotten more expensive in the last year. The credit of R$ 5,000 for payment in 12 months to the bank had installments of R$ 507.72 a year ago, for example. The same installment is now R$ 537.41. In total, the debt that would have cost about R$6,093 in January 2021 stood at R$6,449.

The R$ 500 loan with a finance company to pay in 12 installments costs R$ 44.42 more and becomes a debt of R$ 768.3.

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When financing a vehicle worth R$40,000 in 60 installments, the Brazilian ends up paying R$71,573.23. That’s R$ 13 thousand more than I would have paid when the Selic was at 2%.

The maintenance of the Selic responds to the decline in inflation. Just last month, the country’s official inflation index dropped 0.36%, according to data released by the IBGE (Brazilian Institute of Geography and Statistics). In the accumulated in 12 months, the IPCA (Broad Consumer Price Index) was 8.73%.

The reduction in ICMS rates on electricity and fuels impacted inflation. After the legislative measures, the country recorded two months of deflation (in July and August).

The Copom meets again on October 25th and 26th to adjust the Selic rate.

Check the installments of the main credit operations in the country

Credit line January/21 – Selic 2% pa June/22 – Selic 13.75% pa
Month Year Month Year
trade interest 4.66% 72.73% 5.39% 87.76%
Credit card 11.19% 257.10% 14.30% 397.23%
Overdraft 7.10% 127.76% 8.07% 153.78%
vehicle financing 1.34% 17.32% 2.15% 29.08%
personal loan banks 3.18% 45.59% 4.15% 62.90%
personal financial loan 6.21% 106.06% 7.32% 133.44%

Credit simulations with Selic

Purchase of a refrigerator – cash price R$ 1,500 – financed in 12 months (0+12)

Monthly fee Number of installments installment value Total paid
With Selic of 2% pa 4.66% 12 BRL 166.01 BRL 1,992.10
With a Selic rate of 13.75% pa 5.39% 12 BRL 172.98 2,075.77
elevation of BRL 6.97 BRL 83.67

Overdraft check for 20 days of BRL 1,000

Monthly fee interest value
With Selic of 2% pa 7.10% BRL 47.33
With a Selic rate of 13.75% pa 8.07% BRL 53.80
elevation of BRL 6.47

Credit card – Use of the revolving card for 30 days of R$ 3,000

Monthly fee interest value
With Selic of 2% pa 11.19% BRL 335.70
With a Selic rate of 13.75% pa 14.30% BRL 429
elevation of BRL 93.30

Personal loan in the amount of BRL 5,000 financed with a bank in 12 months (0+12)

Monthly fee Number of installments installment value Total
With Selic of 2% pa 3.18% 12 BRL 507.72 BRL 6,092.67
With a Selic rate of 13.75% pa 4.15% 12 BRL 537.41 BRL 6,448.90
elevation of BRL 29.69 R$ 356.22

Purchase of a vehicle with a cash price of R$ 40 thousand financed in 60 months (0+60)

Monthly fee Number of installments installment value Total paid
With Selic of 2% pa 1.34% 60 BRL 974.42 BRL 58,465.40
With a Selic rate of 13.75% pa 2.15% 60 BRL 1,192.89 BRL 71,573.23
elevation of BRL 218.46 BRL 13,107.83

Simulations carried out by Anefac with the increase in the Selic rate to 13.75% per year

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