Edmund Amann, senior lecturer in social sciences at Manchester University, told CNN that Brazil's economy is experiencing a consumer-borrowing model of growth.
CNN: Brazil's middle-class boom -- but are they tempting a bust?
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"That has centered on consumer durables, not least automobiles, " Amann added.
CNN: Brazil's middle-class boom -- but are they tempting a bust?
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Amann said although the increase in household debt is unlikely to cause a bubble, there is a chance investors could be spooked with the crisis in Europe and the U.S. still causing global pain.
CNN: Brazil's middle-class boom -- but are they tempting a bust?