Just days before Sunday’s election, President President Luiz Inácio Lula da Silva banned online gambling. But record-high debt is upending millions of lives.
A storefront offering personal loans in Niteroi, Brazil. Brazil is grappling with widespread household indebtedness, fueled by a combination of easy credit, the rapid expansion of legal and illegal online betting, and instant digital payments that have made borrowing, gambling and spending faster and easier.
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