After the housing bubble, we will see the collapse of consumer credit and auto loans. Defaults on credit CARDS have reached 7% and auto loans are beginning to unwind.

在房地产泡沫出现以后，我们将会看到消费信贷和汽车贷款的瓦解，信用卡违约已达到7%，汽车贷款开始松弛。

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The new rules are intended to prevent a potential bubble in consumer credit.

ECONOMIST: A plan to stop ordinary folk from buying cars

And in dollar terms, given the loss of productivity suffered by the Brazilian economy given substantial appreciation in their currency, unit labor costs have grown by 110% since 2005. (Read No Credit Bubble In Brazil, Just Dangerous Consumer Debt Burden).

FORBES: Brazil: A Bubble In Labor Markets

South Africa, with a strong economy, provides attractive fixed-income opportunities while India, with a massive need for infrastructure investment, is a hard market to access given relatively under-developed capital markets. (Read: No Credit Bubble In Brazil, Just Dangerous Consumer Debt Burden).

FORBES: Emerging Market Growth Fell To Lowest Level In Two Years In Q2