The balance of consumer credit stood at €121.625 billion in August, a 12.4% year-on-year increase, according to the Bank of Spain. Total household financing grew by 5.2%, reaching €724.251 billion.
Consumer credit closed August with a balance of €121.625 billion, which represents an increase of 12.4% compared to the same month last year. This is reported by que.es based on data from the Bank of Spain. Meanwhile, total household financing increased by 5.2%, up to €724.251 billion.
The difference between these rates indicates that consumer credit, intended for purchases and one-off expenses such as appliances, renovations, or car repairs, is becoming more significant in family budgets. The one-year Euribor stood at 3.247% in September, compared to 2.954% in August, according to the Bank of Spain, although this index does not solely determine the price of a personal loan.
Comparing the total cost of a loan before signing it is the most profitable action any household in need of financing can take today.
The Bank of Spain recommends reviewing the total cost, fees, and term, in addition to the amount of each instalment. The institution offers a simulator on its website to compare the APR (annual percentage rate) of different proposals. The APR includes interest and fees, unlike the nominal interest rate (TIN), which only reflects the pure percentage of the loan.
Before signing, it is advisable to ask about the opening fee and whether there is any charge for early repayment of the loan. A longer repayment term reduces the monthly instalment but increases the final amount paid. For questions about a signed contract or a specific offer, one can contact the OCU, Facua, or the municipal consumer office.
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