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  • Brazil turns to pawn as interest rates soar
  • Brazil turns to pawn as interest rates soar
    HKmPUA (2008) ©
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Brazil turns to pawn as interest rates soar

Brazil’s growing middle class has been on a decade-long spending spree with borrowed money. Between 2004 and 2014, consumer-held credit rose by 658%. But with interest rates on credit cards spiralling, shoppers are turning to a traditional source of extra cash – pawn shops.

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