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Consumer credit in France: biggest annual decrease since 2009

2021-02-15T14:10:29.599Z


With the health crisis, consumer credit fell by 11.5% in 2020, its largest annual decline " since the financial crisis ", according to figures released Monday by the French Association of Financial Companies (ASF). Read also: Faced with the Covid, companies have never had so much access to bank loans To find a drop of such magnitude, we have to go back to 2009, with a drop of 13.3%. " The year t


With the health crisis, consumer credit fell by 11.5% in 2020, its largest annual decline "

since the financial crisis

", according to figures released Monday by the French Association of Financial Companies (ASF).

Read also: Faced with the Covid, companies have never had so much access to bank loans

To find a drop of such magnitude, we have to go back to 2009, with a drop of 13.3%.

"

The year thus resulted in three quarters out of four of decline in the activity of specialized establishments

", underlined the ASF.

While activity increased slightly in the third quarter (+ 2.9% over one year), the increase is largely insufficient to offset the decline in the first and second quarters (-5.1% and -35.4% respectively).

As for the last quarter of 2020, it was down 7.6%, "

impacted by the succession of measures taken in the fall (curfew and second confinement)

".

Personal loans have plummeted

In total, 40.2 billion euros were loaned under consumer credit in 2020, a decrease of 10.7% compared to the historic peak in 2008. The revolving credit sector was particularly affected by the health crisis, with a fall of 15.5% (more than the -11.2% observed in 2009), and a level of credit at the lowest for 26 years, to 7.8 billion euros.

Personal loans have plummeted by 18.5% and auto financing by 10.3% for new vehicles and 7.3% for used ones.

Conversely, the impact on funding allocated to home improvement and household equipment goods was “

limited

”, according to the ASF.

They fell 2.8% year on year.

The French Association of Financial Companies, which collects and publishes this data, brings together some 270 specialized companies.

In consumer credit, ASF members represent nearly 50% of all credit institutions outstanding and the majority of revolving credit operations.

Source: lefigaro

All business articles on 2021-02-15

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