Consumer credit

In 2017 the amount of consumer credit continued on the upward path seen since 2013. There was a 12% increase from the previous year, albeit still lower than observed in 2016 (17.5%) and 2015 (23%). The number of credit agreements concluded rose by 5%, an increase lower than that observed in 2016 (6.5%) and 2015 (7.8%). In 2017 the number of agreements concluded exceeded for the first time the value recorded in 2010, the year preceding the contraction in the consumer credit market.

The increase in the amount of credit granted was widespread across the three types of credit, although car loans recorded the highest increase (20.4% more than in 2016). Personal credit grew by 8.4% from 2016, and revolving credit increased less considerably (2.2%). Average maturities for personal credit and car loans rose to 4.4 years and 6.7 years (two months and five months more respectively).

Given that car loans were granted especially through points of sale and by specialised institutions, the weight of this trading channel and type of institution increased.

The cost of credit continued to decrease in 2017. The average annual percentage rate of charge (APRC) in the market went down by 0.6 percentage point between the fourth quarter of 2016 and the fourth quarter of 2017. In 2017 the APRC decreased across all types of credit compared to 2016, most markedly in revolving credit (-0.9 percentage point).