2.7 Billion Euros In Consumer Credit
Despite high interest, consumer credit in Portugal hit a new record in the first four months of 2024, surpassing 2.7 billion euros. This figure represents a 9% increase compared to the same period last year.
Car Loans, Personal Loans And Credit Car Loans On The Rise
The growth was mainly driven by car loans, which increased by 13.5%. Personal loans also saw a significant increase of 5.2%, while credit card loans grew by 10.7%.
Increased consumption Drives Economic Growth
This rise in consumer credit reflects consumer confidence in the Portuguese economy and their increased willingness to take on debt. This increased appetite for credit and spending serves as a promising indicator, signaling potential for robust economic growth in the foreseeable future.
Source: RTP Madeira
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