Families, especially those with upper-middle income, use consumer credit to buy durable goods. Household debt drops to 76.6%, the lowest level since 2002, due to the improvement in salaries and pensions.
Consumer credit - loans that families request from banks to be able to buy - has been growing throughout 2023 in Spain, in line with what has happened in other countries in the euro zone, as confirmed by the Bank of Spain in the report presented this Wednesday. The expansion of credit comes from of the general increase in the number of new borrowers, which has been less intense in low-income areas.