Credit for consumption hits record highs. Data shows the Portuguese asked for €162m more in September
Despite warnings from national and international authorities, credit loans keep rising. It has now reached the level it hasn't since October 2011, the year Troika started intervening in Portugal.
The amount of credit asked by Portuguese families continues to increase. This is particularly serious in the case of credit for consumption, whose stock has been increasing for almost a year now, reaching a new maximum that had been previously observed at the end of 2011, which coincided with the beginning of troika’s intervention in Portugal.
According to the statistics released this Wednesday by the European Central Bank (ECB), the credit balance in the country increased by €162m in September. This increase has put the total credit stock at €15 bn, the highest since October 2011.
September was the 11th consecutive month registering an increase in the amount of credit for consumption in Portugal.