CBN: Sardenberg analyzes that indebtedness is a consequence of increased 'banking access' and not of betting on gambling.
Desenrola 2 serves people with incomes up to five minimum wages who have debts. The program is in its second edition. Consumers who maintain regular payments, even with financial difficulties, do not receive any benefits or recognition for this behavior. ( listen to the audio )
The analysis was presented by commentator Carlos Alberto Sardenberg, from CBN, this Tuesday (May 5th). Sardenberg pointed out two main flaws in the program's operation. The first is the lack of benefits for consumers who regularly honor their financial commitments. The second is the lack of limitations for people who renegotiate debts to incur new debts.
The program makes no distinction between those who pay their bills on time and those who fail to pay. Consumers who have taken out credit cards and are paying regularly, making sacrifices to keep up with payments, receive no recognition whatsoever.
Sardenberg stated that there could be incentives, such as mechanisms, to facilitate the exchange of expensive debt for cheaper debt. The commentator emphasized that there is no reward or incentive for those who keep their payments up to date.
According to the analysis, those who have renegotiated their debt should be prevented from taking on new debt. Restricting access to new credit would be more effective than prohibiting people from gambling . Those who renegotiate their debt may take on more debt, when they shouldn't be able to.
The absence of incentives for good payers and limits on borrowing can create what economists call moral hazard. This is a situation where it is worthwhile to refrain from doing something in the hope of receiving help later.
"People can take on debt, spend on their own, and then wait for Desenrola 3," said Sardenberg.
This risk is present in the current program. Without this type of incentive, moral hazard is created, which can encourage irresponsible financial behavior on the part of consumers who are waiting for future renegotiations.
Sardenberg pointed out problems with the rule that blocks the CPF (Brazilian taxpayer ID) of those who renegotiate debts on betting platforms. The commentator considers the measure ineffective, since the person can use another CPF to place bets. He contested the premise that betting is the cause of the population's indebtedness.
The commentator attributed the high level of debt to an indirect consequence of increased access to banking services. With the opening of fintechs and payment institutions, there was a massive distribution of credit cards to people who did not have adequate conditions to receive that credit limit. For Sardenberg, the debt is a consequence of increased access to banking services and not of gambling.
Sardenberg acknowledged that financial inclusion was positive in allowing more people to use Pix and access the financial system securely. However, the distribution of cards occurred without the beneficiaries having financial literacy or compatible financial means.
According to Sardenberg, Brazilian debt is concentrated in revolving credit card debt, not in gambling . The numbers show that the biggest debt problem lies in revolving credit card debt.
People take out loans using credit cards and become indebted due to the high interest rates associated with this type of loan, which are the worst on the market. The highest concentration of late payments and defaults is precisely in revolving credit. The most indebted and delinquent people are those who earn between one and three minimum wages.
