With inflation returning, consumer credit production rose 9.2% in the first quarter of 2022.
Increase personal loans and revolving credits.
In the face of soaring inflation, more and more French people are using consumer credit to maintain their purchasing power. A trend revealed by figures from the French Association of Financial Companies (ASF). “The start of 2022 marks a clear recovery in the consumer credit market.”confirms the ASF.
dynamism fueled above all else Increase in revolving loans (+13.9%) and personal loans (+16.1%). Large production in these categories is also a feature of strong inflationary pressure. Moreover, this increase in revolving loans combined with consumer spending is weighing more and more on the wallet of French households.
The French take out less debt
On the other hand, households have taken on less debt than they did in 2021. Financing for the purchase of home and leisure equipment and used cars has stopped this year.
As a reminder, these two sectors experienced strong momentum last year and were real drivers of the market’s post-lockdown recovery. In terms of new car purchases, growth was weak in the first quarter. As the ASF identifies, supply difficulties explain this slowdown in particular.
Increase credit rates
Note, however, thatPart of the personal loan relates to the purchase of a car. operations Lease with Option to Purchase (LOA) It is an increasingly common way of financing families. Whatever the purchase, whether it’s a new or used car, LOAs accounted for one in five consumer loans in the first quarter of 2022.
Growth in credit production may not continue. In fact, just like home loans, monetary tightening will lead to Increase in consumer loan rates. An upward movement should accelerate in the coming months.
To get a loan, using a loan broker can be beneficial. Thanks to his technical expertise, this credit professional makes it possible to obtain the most appropriate financing solution for the project and the situation of the borrower.
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