Serasa kicked off a new debt renegotiation initiative on Monday, featuring discounts of up to 99% from more than 2,200 companies. The program will run until April 1 and offers consumers a chance to renegotiate debts through the company's website, app, or WhatsApp. This initiative aims to tackle the rising issue of consumer debt in Brazil, which has seen a significant increase in recent months.

The effort is supported by the national postal service, Correios, which is providing free in-person assistance at over 7,000 agencies across the country. This extensive reach means that approximately 620 million offers are available to consumers, covering debts owed to banks, utility companies, telecommunications operators, and other sectors. In São Paulo alone, over 43 million consumers have access to around 189 million offers, facilitating the renegotiation process for those in financial distress.

According to Serasa, this initiative comes at a time of increasing delinquency, with a record high of 81.3 million consumers reported to have negative debts at the beginning of the year. By allowing payments through Pix, an instant payment method in Brazil, consumers can benefit from immediate removal of their negative credit status upon settling their debts. This initiative reflects the urgent need to address growing financial challenges faced by Brazilians in the current economic climate.