Packing Plastic

As it retreats from the USA, the good life finally reaches Brazilians:

I met a 19 year-old girl in a mall in São Paulo who had financed nearly every item she was wearing.

Célia de Resende paid for her red t-shirt in 3 monthly installments. Her sneakers were on a six-installment plan. She couldn’t remember how many more payments she owed on her black pants but she’s sure they were bought on credit.

This is the way Brazilians now shop. Consumer credit is a brand new concept and it’s wildly popular. Three Brazilian banks are among the world’s top 10 credit card issuers.

...Until about 20 years ago Brazil suffered from chronic high inflation. There was no such thing credit cards. People spent their money as soon as they earned it and not a single shop would take an I.O.U. on payment.