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Consumer credit: production resumed in February

After two months of decline, February 2019 marked a return to growth in the production of consumer credit (+ 3.6% compared to the same period in 2018) according to figures from the French Association of Societies financial. We approached the 3.3 billion USD loaned by banks to households during the shortest month of the year, thanks in particular to the momentum of car credit on the occasion, as well as to assigned credits and the LOA.

A start to the year on an upward trend

A start to the year on an upward trend

2018 was an exceptional year for consumer loans (+ 5%), but the last month had been calm (-4.6%), as was the first in 2019 (-0.2%). February is therefore synonymous with the resumption of the increase in the volume borrowed by individuals to carry out their projects: + 3.6% compared to February 2018, i.e. in detail 114 million USD more. If we compile the first two months of the year, the increase is + 1.7% to approach 6.5 billion USD.

The used car thoroughly

The used car thoroughly

Again, it is rental with option to purchase (LOA) that drives the growth in consumer credit. The volume of leasing purchases increased by 12.4% in February 2019, i.e. 66 million USD more in one year. The purchase of used cars in LOA thus continues its express democratization (+ 62.3%), while the new LOA (+ 8.7%) continues to outperform conventional auto credit (520 million d ‘USD against 182).

On the other hand, on the other hand, it is the traditional car loan which retains a large leadership (357 M $ against 48, + 15.1%), thanks in particular to transactions between individuals. Combining car loan and LOA, used vehicle financing gained 19.2% during the month.

Personal loan and revolving credit on the downward slope

Personal loan and revolving credit on the downward slope

More than ever, consumer credit finances the purchase of goods and equipment. Personal loan and revolving credit are indeed losing momentum : the first fell by 2.3% (1.1 billion USD, -26 million USD), the second by 1.4% (721M $, -10 millions).

In cumulative, personal loan and revolving credit, however, account for more than half of the amounts borrowed on February 2019 (1.83 billion USD). Conversely, affected loans (+ 11%) are booming, like credit for the purchase of furniture or household appliances (+ 15.8%). At the same time, the LOA for other goods than the automobile is also gaining ground (+ 20.7%) to reach 40 million USD over a month.

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