Debts

Spun around to be used because of the crisis

01.10.2015

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Traditional Rio seen a plaque hung with the warning: spun until tomorrow. For the spun it is now returning to the daily practice of Rio de Janeiro and the Brazilian economy.

Inflation high reissues old habits as the small shops of neighborhoods, which always sold everything, but with a price tag always a little higher than in supermarkets. The novelty is that these establishments returned to practice on credit, which is the act of selling without receiving at the time, noting and accumulating purchases of each customer, to make the hit roughly every 30 days. Usually when the client receives the salary he makes the total or partial payment of accumulated purchases in the period.

The term derives spun guarantor of trust, that is, the credibility of the buyer at the buyer, so it is adopted in small neighborhood or street business, where people know each other, respect each other and trust each other.

In times of technological automation, debit and credit machines, a curious feature is that many trades back to using the old notebook with handwriting notes to track spun purchases. Some adopt additionally a pad of notes with carbonated leaves for the customer sign and every part stay with a control via the idle sale.

The small business sells more expensive than the average trade, but for many it is a way to not use the credit card at the large supermarket, especially when you know that the budget is flawed and that the delay interest is much higher the increase in the prices of spun transactions.

Gilberto Braga is Professor of Finance at Ibmec and Fundação Dom Cabral

Source: The Day

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