Consumer credit is on the rise in Europe! This is the key takeaway from a recent study conducted by Yougov for Cofidis. Here are some figures and statistics.
What is a Consumer Credit?
Consumer credit, let’s recall, is aimed at financing goods and services (excluding real estate purchases). There are many subcategories of consumer credit. Among them are the installment loan, lease credit, bridge loan, overdraft facility, and the very well-known personal loan.
For more information on: consumer credit
With this reminder in mind, let’s return to the study in question…
The English, Portuguese, and Spanish Lead the Way
In Europe, consumer credit seems to be quite entrenched in habits, with 27% of households currently repaying theirs. Moreover, 57% of them also reported having used it in the past. The English are the most accustomed to this financial product, with 67% having experienced it. They are followed by the Spanish and the Portuguese.
Danes, More Frugal and Cautious
In Denmark, this percentage drops to 17%. More frugal and cautious, the Danes prefer, as much as possible, to finance their various projects themselves with their own saved money. 72% of the Danish population states that they save to face unforeseen events.
What is a Consumer Credit For?
The use of consumer credit varies depending on the location. For instance, Germans, English, and French primarily use it to finance the purchase of a vehicle. The Portuguese, on the other hand, use this funding for home renovations. Spaniards and Italians often allocate their consumer credit to fund vacations.
Source: RTBF.
