New consumer credit operations increased by 11.5% in 2021 compared to the values recorded in 2020. According to data released the Bank of Portugal (BdP), new credit granted last year reached €6.5 billion, which compares with €5.8 billion financed the previous year. 

Despite the recovery, the amounts are still 13.6% below the operations carried out in 2019, before the pandemic, when the amount reached €7.6 billion, a record breaking year.

As for December’s figures, these reveal a drop of 6.4% compared to the previous month, in which the €600 million threshold had been exceeded for the first time since February 2020. In the last month of the year, 591.3 million euros were granted to consumers. The amount represents an increase of 24% compared to the same month in the previous year. 

Personal credit represents the biggest slice of the cake. 269.6 million euros were lent for this purpose, equivalent to 45.5% of the total.

This portion includes credit for education, health, renewable energy and equipment leasing, which totalled €10.3 million, up 47.1% on December 2020, and down 19.1% compared to November. 

It also includes other personal loans (no specific purpose, home, consolidated and other purposes), which totalled €259.3 million, equivalent to a year-on-year increase of 45% and a monthly drop of 9%.

In total, 38,920 new personal loans were granted, down 13% on November. 

New car loans totalled €226 million, equivalent to 15,001 new operations, up 0.7% on November. 

In turn, credit cards, credit lines, bank current accounts and overdraft facilities reached €95 million of financing. 68,415 new operations were signed, down 14.6% on the previous month.

Original Story: Jornal de Negócios | Ana Sanlez
Photo: Photo by Ricardo Gurgel from FreeImages.com
Translation and Edition: Prime Yield