A common opinion: If the economy is doing well, this is always reflected first in the positive consumer behavior of the citizens. The positive consumer behavior in turn could result in large parts, the installment loans are currently extremely cheap again. In addition, if you just look around in the financial world, then there seems to be cheap lending rates almost everywhere. The banks outdo themselves again and again with new and favorable credit offers in search of new credit customers.
No question, then, that the persistence of interest-free lending has enormously reduced installment loans. But is it really true that the currently cheap installment loans really have an impact on the consumption behavior of Germans? If you look at current statistics, you can answer this question with a clear “No”. Although consumer behavior is actually increasing, this is not due solely to an increase in cheap installment credit. What – with leave – anything else would be positive!
To illustrate this once in numbers: The sum of all loans to German citizens in 2014 was 222 billion euros. In Germany, the average debt per capita is currently 2,754 euros. Here, the decline in population and demographic change is noticeable, as in the previous year it was still 2,716 euros. Even though the per capita debt of around 2,750 euros does not seem particularly high, Germany is still among the top five in European comparison. Lone leader is by the way Norway with around 5,500 € per capita debt.
Even if numerous statistics prove that low interest rate loans resulting from a current low interest rate do not inevitably boost consumption as well, one should still take advantage of the currently low-interest rate installment loans, if greater purchases are planned. However, one should never lose sight of the fact that loans, which were concluded hastily, then often then the most expensive loans are – low interest or not! Thus, an extensive comparison of as many credit providers should precede any borrowing – even in a low-interest phase – without limitation. The more detailed the comparison of various credit offers is carried out, the greater the financial savings can be achieved – depending on the loan amount, even several thousand euros can be realized!