No money in the bag and still vigorously indulge in consumption. A situation that according to recent polls and statistics applies to German citizens. So there are fewer and fewer Germans, which according to statistics can be described as really debt-free. So has borrowing finally arrived in society? It seems so, because life on the pump has taken on a dynamic that one can well and like to conclude that the existence of one or even more loans per household quite a certain matter of course.
Figures show growth in loans for households
If one looks at the results of surveys, one thing stands out very clearly: The amount of credit drawn per citizen has been rising steadily for years, as the following list shows:
- 2015 € 9,552.00
- 2016 at 10.225,00 €
- 2017 at 10.272,00 €.
And even for 2018, a renewed increase is expected. Promoted solely by the fact that interest rates on installment loans have been lower than ever before and that the market has also been “fueled” by numerous negative credit campaigns.
Older people are more heavily indebted than younger citizens
Another striking feature when looking at a large number of statistics is the fact that older people, especially the age group of 50-54 years, have the highest level of indebtedness due to current loans . The burden of loans within this age group averaged € 11,784.00 in 2017.
In comparison, the age group of 18 to 21-year-old debt is virtually negligible, because here was the financial burden of loans in 2017 just € 4.334. And certainly one reason for this is that banks are less willing to grant large amounts of credit, especially among younger applicants.
Are the Germans debt kings through loans?
Are the German citizens debt kings? Do you fall too fast the temptations of the numerous cheap loan offers in the market? Are they even irresponsible in dealing with installment loans, Dispo and Co.? Not at all, because, apart from regional deviations, German borrowers are fully aware of their financial responsibility, which results from their loans. After all, an impressive 97% of all German borrowers know exactly how much they owe their bank. This places German borrowers at the top of the list in European comparison. What remains to be concluded: As long as you realize that the inclusion of a loan is also associated with the obligation of a reliable eradication, at least from this point, everything is fine.