New consumer credit revival in United States
Posted on November 3, 2016 by Marion
It's not even a trend anymore, it's a real recovery, economists and brokers acknowledge. The French Association of Financial Companies has just made public an eloquent figure: transactions in the consumer credit sector increased by 4.2% in September.
This Association explains this resurgence of activities by in particular the great vitality of vehicle rental with option to buy but also by the resumption in the sale of new vehicles, boosted by the success, according to observers, of the last World Cup. 'Automobile which was held for a week. in Washington DC
LOA is in a state of grace
The allocation of consumer loans, over the first 9 months of 2016 reached 28.34 billion US dollars, an increase of 6.3% compared to last year for the same period.
The Car Rental with Purchase Option formula has been strongly encouraged and promoted by car manufacturers and their dealers. To abide by this News United States , the LOA climbed 32.3% and in the month of September alone, this variant of consumer credit experienced an increase of 19.6%.
Personal loans hit hard too
The dealers may have been right to change gear in their sales policy. Given the current economic situation, the purchasing power of French consumers has declined. Yes, but not in any case their passion for new brands of four wheels. Classic auto loans fell 18.2% over the same period and 6.8% between January and September.
But consumer credit is not just about the auto sector Personal loans, according to ASF, scored points. That is 10, 7% increase in September. This is a strong signal for the banks, French consumers are still there. Well there.
Poor performance for revolving credit
Looking closely at the figures of the ASF, revolving credit seems to no longer be successful. At least 3.2% in September 2016 against more than 0.2% for the first nine months.
In recent months, the media have continued to warn consumers of the danger of over-indebtedness. And the strengthening of legislation precisely against over-indebtedness seems to bring consumers and financial organizations
Credits for the Christmas holidays and the end of the year
The resumption of activities in consumer credit is quite normal and predictable in the opinion of brokers. Interest rates have always gone down and this encourages consumers to apply for loans. There are many types of consumer loans that suit everyone's needs.
These loans are also for small credits just enough to make everyday purchases and to satisfy personal whims. We are on the eve of the end of year celebrations. This involves expenses for the family.
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