Reuters: Bankruptcy News: STXNEWS LATAM-Decline in Brazil consumer defaults seen in early 2013

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STXNEWS LATAM-Decline in Brazil consumer defaults seen in early 2013 Oct 16th 2012, 15:02 Tue Oct 16, 2012 11:02am EDT A forward-looking gauge of consumer loan defaults in Brazil fell for a 10th straight month in August, credit research company Serasa Experian said on Tuesday, in the latest sign of relief for banks struggling with credit-related losses this year. The so-called Serasa Experian Consumer Default Outlook index fell 1.5 percent to a reading of 94.8, the company said in a statement. The decline was caused by "a fall in borrowing costs after the reduction of the benchmark Selic interest rate, more competition in the banking sector and the very low unemployment rate," the statement said. The index is used to forecast trends in consumer defaults over the coming six months.

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