Brazil - According to the Brazilian Central Bank, renegotiated arrears became the second largest source of default among Brazilians, only behind revolving credit. The research analyzed conditions for the renegotiation of arrears by surveying consumers of all social classes about their personal experiences.

With 1815 responses, the survey found that 53.6% of respondents have already renegotiated debts and most of them have defaulted again. It led to the conclusion that banks policies for renegotiation are inflexible and not tailored to one's financial reality and familiar needs. In their response, banks argued that they did have policies for financial education and renegotiation. However, the data shows that these initiatives are unclear, too weak or irrelevant.

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