Beyond the consequences of the war in Ukraine, which has shaken the European economy and caused an escalation of inflation not seen in decades, now the drums of another financial crisis are heard. In fact, in the last year the economic prospects have tightened, inside and outside our country.
Younited, the credit platform, has compared its own data for March 2022, the month in which the effects of the start of the war began to be felt, and April 2023. The objective is to understand How has consumer credit evolved? in this year of economic instability and what readings can be made of the state of the pocket of the Spaniards as conclusions of the analysis. Some of the most important results are:
- When comparing the data March 2022 with respect to April 2023there is an increase of more than 37% (37.02%) in the average credit demanded, from €7,629 on average last year to €10,453 in April, possibly the result of the general increase in prices.
- The current economic situation It has not stopped the predisposition of Spaniards when it comes to carrying out reforms in their homes, being one of the categories in which the average credit has increased the most. In April of this year the average figure was €11,093, being 35% higher if we compare it with March of last year, where this figure was €8,217, €2,876 higher.
- Transport and, specifically, the automobile It is another category that has become visibly more expensive over the last fourteen months. The average credit requested for new cars has reached €15,464, which represents an increase of 22.46%. In the case of second-hand cars, the increase is higher, 36.14%, placing the average amount requested at €8,935 in April 2023.
Younited already announced last fall that one in three loans requested in 2022 was intended to improve the solvency of the Spanish pocket against inflation: At that time, 35.42% of loan applications were directly intended for reunification of debt (19.54%) or obtaining liquidity (15.88%). This trend is maintained and increases considerably with the beginning of 2023: The demand for loans destined for economic solvency increases to 39.8%, four out of ten, of the total during the first weeks of April (debt reunification, 22 76%, and liquidity 17.02%).
The consequences of the war have made economic recovery after the pandemic difficult, With runaway inflation and skyrocketing energy prices, as well as the paralysis in employment in recent months. The recent bankruptcy of some banks, such as the SVB or the crisis of the European Credit Suisse, are not a point of support in the financial perspectives of the Spanish, who increasingly see their incomes more suffocated.