http://www.nytimes.com/2008/05/24/b...ted=1&ref=world

quote:

The typical home mortgage rate is 12 percent a year; a car loan is about 14 percent to 15 percent; and for consumer goods, rates vary between 42 percent and 43 percent, said Felix Cardamone, president of the Brazilian Association of Credit Card and Service Companies.

yikes!! i barely use my credit as it is, and my credit card rates are around 7 - 9%. At 42% why would anyone take out a line of credit? Those kinds of rates are stifling. A 12% mortgage is a bit ridiculous also.

It used to be worse, actually.

I'm glad that this time around the economy is growing thanks to the help of a democratic government. Although Brazil was the fastest growing country in the world during the 70's, for example, the military dictatorship put most of the country in a cast, so to speak, and we were soon brought the whole country to a halt because of the unbelievably high inflation rates.

I was born in that period, and I remember how tough it used to be.

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I DO bvelive that The BRIC (BRAZIL CHINA RUURSSER INDIA) economy will bom and prosper and that all those who were wise enoughj toe invest will reap the profits. I hope that brazil profeits quite well. Yay brazil;