New consumer credit rises 3.8% to 606.7 million euros

New consumer credit rises 3.8% to 606.7 million euros

New consumer credit totaled 606.7 million euros in November 2022, falling 4.1% year-on-year, but remaining 3.8% above the previous month, the Bank of Portugal (BoP) announced today.

According to provisional data released today by the BdP, in the month under review the amount of new personal loans rose 2.5% quarter-on-quarter to 283 million euros, while that of cards and overdrafts grew 9.3% to 113 million euros, and that of new loans for car purchases rose 2.7% to 210 million euros.

In terms of numbers, new personal loans increased 7.5% in November compared to October, to 44,003, new loans for car purchases rose 0.7% to 13,612, and new card and overdraft loans rose 12.3% to 77,507.

In November of last year, the total number of new loans granted to consumers grew by 9.5% year-on-year, but fell by 3.4%, to 135,122 contracts.

Of this total number of new credit contracts in November, 4.9% (5.5% in October and 3.7% in November 2021) were subsidized contracts, i.e., contracts between the credit institution and the consumer, but in which part of the cost of the credit is borne by a third party (for example, the point of sale where the consumer buys the financed good).

As a proportion of the total amount, these subsidized credits represented 6.8% in November last year, the same percentage as in the previous month and above the 6.1% in November 2021.