Portuguese apply for €20 million consumer credit per day

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Banks and credit institutions lent around €3.7Bn in credit in the first half of 2018, or €20 million per day.

Consumer credit loans continued to grow in the first half of 2018 with banks and credit institutions making around €3.7Bn in the first half of 2018 or €20 million a day in what has become a new record according to the Bank of Portugal.

According to the institution led by Carlos Costa, credit institutions lent around €631 million in consumer credit in June alone. Since 2013 consumer credit in Portugal has gradually risen from €1.75B in the 1st half of 2013 to nearly €4Bn in the first half of 2018.

Credit concession doubled like-for-like in the first half of 2018 on 2017 from 9.9% to 18%.

Portugal’s improved economic performance and its knock-on effect on families has contributed towards the increase in consumer credit.