…so they stuck rates up to 450%
This is a hangover from the policies of the prior admin in Brazil allowing far more than usury. The higher rates beget higher rates as people bankrupt.
Lula is going to do a lot about this. He has to.
High inflation in Brazil has been going on for decades. The current “black market” rate for US $ is broadcast daily. I remember seeing 3 and 4 digit interest rates for deposits. All were indexed to inflation.
High inflation by our standards yes but in the aughts and up until now no.
Nothing to substantiate 400% credit card rates.