Going to credit to finance day to day spending is once again a common practice among consumers once they have forgotten the worst consequences of the economic crisis for family budgets. Households have resumed the hiring of all types of instant financing products which usually do not have as many concession barriers as a mortgage to purchase the classic household appliance make the trip dream or renew your vehicle.
The volume of new operations reached 27,355 million last year, which implies several milestones: a new increase of 14% compared to the previous year, when it was already improving 13%. At the same time, the highest level of credit investment since before the recession began.
The boom in personal loans, express credit lines or revolving credit cards those in which the accountant is set to zero month after month has prompted citizens to borrow in what has been a year “Record” for the sector as indicated on Wednesday the president of the National Association of Financial Credit Institutions.
In 2016, the largest volume of consumer finance since 2012 was exceeded, when less than 20,000 million were accounted for in this type of deferred payment method. Only in 2009, the entities were able to set a record high of more than 31.5 billion, in what was the last straw of the economic boom.
The acquisition of all types of products and services through loans excluding the purchase of vehicles accounts for 62.7% of operations accounted for last year reaching 17,161 million, 10% more than in 2015. However, the biggest rebound came again from the hand of the auto industry whose lines of credit accounted for a volume of operations of 10,193 million that is 21% more than in the previous year.
Although the growth of these operations is due to the acquisition of new vehicles almost 8,000 million with growth close to 20% -10% of this financing is explained by the purchase of used cars with 1.871 million and an increase of 27% year on year following the recovery of the second hand market.
The same situation occurs in the case of personal loans for other types of products outside the automobile market: credit cards accumulated almost 11,000 million in new operations, an increase of 5.3%. The recovery of this type of credit has run parallel to the economic recovery in general and to household expenditure in particular. That is why he added they assume more funding for their daily expenses.