Persisting Slump in Family Credits

4/02/2014 – El Mundo

Consumer credits suffered a sharp, 8.5% dip down, while the mortgage signing went down by 4% in December. According to the data made public by the Bank of Spain yesterday, the decline in housing investment during the crisis has occured simultanously with the overall indebtedness and the major savings have been done in the family loan granting.

The debt of the families tapered down again in December, after a slight rebound in November, and closed the fiscal year 2013 with €787.393 million. The amount is by 5.5% smaller than in 2012 and the lowest since 2007, as the Bank of Spain´s statistics show.

The volume of the loan for house purchase at the end of December represented €611.521 million, compared to the previous month´s €615.521 million. A year before, the quote was €641.948 million. Customer credits reached in December €172.853 million.

Also, the volume of companies´debt declined in December (…) and it was of €1,072 billion: 1, 33 % less than in November and 6 % less than the previous year, as Efe informs.

Original article: El Mundo

Translation: AURA REE