The Portuguese returned in force in March consumer credit. Especially the personal loans without specific purpose and credit for the purchase of new cars.
Consumer credit increased not only in number of contracts and amount. In fact the amount increased six times more than the number of contracts. Between March 2014 and March 2015 took place over 4.8% of consumer loans, and the total amount of new loan agreements increased 27.6% to EUR 440 million (compared with 345 million granted in March 2014 .
The figures were released by the Bank of Portugal and result of monthly reports that credit institutions make monthly to the regulator. Actually the upward credit route seems to have come to stay because it is found overall a rise over the same period last year and an increase over the month of Feveireiro.
The Portuguese returned in force to consumer credit. The decline in interest rates explains the phenomenon. The Euribor has fallen and promises to continue on that route. A 6-month Euribor rose from 0.410% in mid-March 2014 to 0.096% in mid-March this year. The same was found in the 3-month Euribor. I went from 0.309% to March 18 2014 to 0.025% on 18 March this year. Even if bank spreads have not followed the descent, the fact that the figures show is that consumers returned to stop being afraid of credit. On the other hand this credit boom consumption is a result of the trade policies of banks seeking at all costs to improve their financial margins and credit spreads consumption are high, and banks continue with a stock of housing loans with spreads very low. Consumer credit is a way for banks to offset the low rates of housing loans.
It is noted for example that in one year personal loans with no specific purpose, or for things from home, increased 11, 7% of contracts as took place over 3,557 contracts from March of last year and March this year. The sum of these credits increased by 25.3%, or more 41.3 million euros. But since the consumer loans for such purposes as education; health; renewable energy and leasing of equipment there was an annual fall of 60.9% in number of contracts (increased from 381 to 149) although in an amount that credit has fallen only 2.3% (less 37,000 euros).
The big rise was in car loans. Leased or new cars ALD rose 41.8% yoy in number of contracts and amount rose 47.1% (approximately EUR 9.7 million) to 30.2 million euros granted credit.
The same mode for the used car had a smaller rise. Over 20.2% of the contracts and over 28.5% of amount.
Bank loans for the purchase of cars with retention of title to the bank, for new cars increased by 54.8% to 30, 4 million euros compared to March of the previous year and made up 46.5% over the contracts. For used cars the contracts were more in number and 41.7% over 49.6% in amount.
credit cards, lines of credit, bank accounts and overdraft facility was granted in less number (down 1.7%), but already in this amount grew 7% in a year to 88 million.
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