According to data from the Bank of Portugal, consumer credit fell by 8% to €714.9 million in April. Nevertheless, this figure for new loans represents a 1% increase compared to the same month last year.

The Bank of Portugal’s data reveals that consumer credit fell by 8% in April. Nevertheless, this figure for new loans represents a 1% increase compared to the same month last year.

The number of contracts fell by 8.6% to 135,043, representing an annual decline of 4.8%.

In terms of the number of new loans, the biggest drop was in credit card and overdraft agreements (-12% in one month), amounting to 71,822 agreements. This was followed by personal loan agreements, which fell by 5.1% in April to 45,059 agreements.

Finally, car loan contracts fell by 2.1% in April, amounting to 18,162.

In monetary terms, the largest decline continues to be in the ‘credit cards and overdrafts’ category, with new loans falling by 12.2% to 112 million euros.

Personal credit fell by 9.4%, with new credit standing at €320 million. Finally, new car credit fell by 4.6% in April, with the amount of new credit in this category reaching €238 million. Of particular note is the 32.7% drop in financial leasing, also known as ALD, for new cars.

Original Story: Jornal Económico | Author: Maria Teixeira Alves
Edition and translation: Prime Yield