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Desenrola: The Renegotiation Initiative and its Challenges. Celebrating its first month last Thursday, the 17th, the Desenrola program has already helped in the renegotiation of R$8.1 billion in bank debts, benefiting around 985 thousand customers, according to the most recent data from the Brazilian Federation of Banks (Febraban).
However, although the initiative has been successful and is about to expand to include non-bank debts, economic experts are warning consumers who settle their debts. The main concern is the lack of financial education during the initial phase of the program. The program, which allowed debt refinancing for customers with incomes of up to R$$ 20 thousand, could see these same customers falling into debt again if there is no adequate planning.
A critical issue is that of debts up to R$100. When financial institutions joined Desenrola, they cleared the names of those who had debts up to this amount. However, these debts persist, accumulating interest. “The intention was to stimulate consumption. Removing the negative listing allows the customer to resume credit, but it does not mean that the debt has been paid off,” observes Gilberto Braga, professor of Finance at Ibmec. With an average annual interest rate of R$59.91 on personal credit, debts can double in just 18 months.
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The Imperative Need for Financial Education
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Regarding the second phase of Desenrola, economists emphasize the importance of planning by clients after renegotiation. “After debt restructuring, it is crucial to prioritize the payment of these obligations. The goal should be to settle these commitments before taking on new debts,” Teixeira highlights.
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However, for Braga, the main objection to Desenrola lies in the lack of a robust financial re-education program. Although some banks offer guidance through videos, this is not a requirement for joining the program. “Desenrola provides a tangible solution to debt, but it lacks an ongoing financial education plan. It would be beneficial to provide resources to help people manage their budgets more effectively,” Braga ponders.
The Desenrola regulation stipulates financial education courses only for its second phase, which will provide discounts for non-bank debts. These courses will be provided through a digital platform developed by B3, but are not mandatory to join the renegotiations.
The Future of Desenrola and Track 1
Read also: Learn all about Amounts Receivable
Scheduled for September, Faixa 1 of Desenrola aims to serve debtors registered in the Single Registry for Social Programs of the Federal Government (CadÚnico) or those with a monthly income of up to two minimum wages and debts of up to R$1,000 with entities outside the financial sector. This includes public service companies and retailers.
