Brazil's Central Bank Chief Warns About Expensive Credit and Family Debt
Listen to the story
Gabriel Galípolo is the head of Brazil's central bank. He talked about money problems for families. He said some people use expensive credit to pay for basic things. These are things like rent or bills. He said this is risky.
Galípolo said this kind of credit can cause debt. Debt means people owe money. He is worried that many families could have too much debt.
He also talked about Pix. Pix is a fast payment system in Brazil. People use it to send money quickly and for free. Galípolo said Pix helps more people use banks. This is called inclusion.
But Galípolo also said Pix has a risk. He said easy payments can make people spend more. This can lead to more debt.
Galípolo talked about a study. The study compared trust in Pix to trust in the Catholic Church. This shows how much Brazilians trust Pix.
Vocabulary6 words
- credit
- money you borrow and pay back later
- risky
- dangerous; something bad could happen
- debt
- money that you owe to someone
- Pix
- a fast way to send money in Brazil
- inclusion
- when more people can join or use something
- study
- careful research about a topic
Quiz
Answer key
1. Head of Brazil's central bank 2. Expensive credit and family debt 3. A fast payment system
Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
Gabriel Galípolo is the head of Brazil's central bank. He talked about money _____ for families. He said some people use expensive credit to pay for basic _____. He said this is _____.
Galípolo said this kind of credit can cause _____. He is worried that many families could have too much debt.
He also talked about _____. Pix is a fast payment system in Brazil. People use it to send money quickly and for free. Galípolo said Pix helps more people use banks. This is called _____.
But Galípolo also said Pix has a _____. He said easy payments can make people spend _____.