Goiás leads the expansion of credit in the Center-West, but almost half of consumers are in debt

The 12% growth in credit coexists with average debts of R$ 1,637 and defaults of 45%

There has never been so much credit circulating in Goiás. In the last 12 months, consumer credit rose by 12.08%, driven by the recovery of agriculture and the strength of the economy. The president of the National Association of Credit Bureaus (ANBC), Elias Sfeir, explains that this advance reflects the greater dynamism of local economic activity, especially after the crop failure in 2024. “The 4.9% growth in the Regional Economic Activity Index in the first quarter of 2025 shows how robustly the regional economy has been reacting. This movement naturally boosts the granting of credit, both for consumption and for productive investments,” he says.

But the door opened by credit comes up against a harsh reality: almost half the population is in debt. The money comes in, but the cost of living in debt remains high. In Goiás, defaults jumped from 42.3% to 45% in just one year. For Sfeir, this is a warning sign. “Although the rate is below the national average, the trajectory is worrying. The continuous increase calls for caution on the part of both consumers and financial institutions,” he adds.

These figures come from credit bureaus such as Serasa, Boa Vista, SPC Brasil and Quod, companies that record the financial history of individuals and companies. This is where it is recorded whether you pay on time, whether you are late, whether you have renegotiated or whether your CPF has been checked. It is on the basis of this history that banks and financial institutions decide whether to lend, how much and at what interest rate.

In Goiás, the most common profile of defaulters is someone between the ages of 26 and 40, with average debts of R$ 1,637, usually on credit cards, financial institutions or basic bills such as water and energy. “Indebtedness is not just a reflection of unbridled consumption, but of everyday needs that no longer fit into the family budget,” says Sfeir.

Not all debt is the same - and understanding this helps you avoid pitfalls. Having a debt simply means that there is a financial commitment to be paid, such as a mortgage or a card bill. Now, when the bill doesn't fit into the budget, the situation changes. Understand each term:

• In debtDebt: this is anyone who has financial commitments to pay, such as loans, financing or bills. Having debt is not a problem if the payments are up to date.
• Negative (default)The most common type of borrower is someone who has failed to pay on time and has had their name registered with the credit bureaus. This condition restricts access to new loans and generates interest charges and fines.
• Over-indebtedOver-indebtedness: occurs when the total amount of debt exceeds the consumer's ability to pay, compromising basic expenses such as food, housing and health. The Law on Over-indebtedness guarantees the possibility of globally renegotiating debts.

More expensive life

The perception that life is more expensive is not just a collective feeling - the figures confirm it. Before the pandemic, in 2019, inflation was around 4.3% per year and the basic food basket consumed approximately 45% of a minimum wage in Goiás.

During the pandemic, inflation hit 10.74% and the same basket consumed around 60% of the minimum. Today, with the IPCA at around 5.2%, food and energy prices remain high. Add to this the Selic rate, which fell to 2% a year between August 2020 and March 2021 to stimulate the economy and is now at 15% a year, and the result is obvious: money is more expensive.

This is reflected in the rates consumers face when they need credit. Interest on revolving credit cards reaches 449.9% per year. On overdrafts, 134.7%. For personal loans, 132%. And it's not just today that this is weighing on our pockets: during the pandemic, the use of revolving credit cards grew by 108% and, even with the sky-high interest rates, many kept up the habit of rolling over debts. When the basics weigh - and they weigh a lot - credit ends up becoming a crutch. People earning the minimum wage in Brazil spend an average of 23% of their income on food alone.

In Goiás, the basic food basket costs almost R$ 965 in some regions, equivalent to 63.5% of the minimum. “That's why we stress the importance of financial education. Credit should not be confused with income. We need to encourage healthy consumption habits and guide the population on how to use credit consciously and strategically,” said the ANBC president.

Tips for avoiding debt

Some simple, practical guidelines help consumers avoid falling into the debt trap. Check out some of them:

1. Set up a monthly budget - write down all the money coming in and going out. This helps you visualize where your income is going and cut down on unnecessary spending.
2. Don't confuse credit with extra income - borrowed money is not a salary increase. It has to be paid back, and always with interest.
3. Use credit according to your ability to pay - the golden rule is not to commit more than 30% of your monthly income to installments.
4. Prioritize expensive debts - pay off the ones with the highest interest rates first, such as credit cards and overdrafts.
5. Avoid taking on several debts at the same time - focus on paying off one before taking on another.
6. Have an emergency reserve - saving a little every month prevents unforeseen circumstances from leading to the use of expensive credit.
7. Seek information and financial education - knowing how credit, rates and contracts work is essential to avoid falling into traps.

These recommendations reinforce what Elias Sfeir, president of ANBC, said: “Credit should not be confused with income. We need to encourage healthy consumption habits and guide the population on how to use credit consciously and strategically.”