Financial emergency: Austrians are increasingly using consumer loans!

Financial emergency: Austrians are increasingly using consumer loans!

Frankfurt am Main, Deutschland - The financial burden for many people in Austria continued to worsen in December, as the Krone . The increasing living costs are forcing more and more Austrians to take consumption loans in order to cope with the wave of expenses through Christmas purchases. On average, the Austrians want to spend 386 euros on gifts, which represents an increase of 26 euros compared to the previous year. This means that four out of ten Austrians now have to finance rashes on credit, since the savings have been severely reduced by the high inflation. Above all, the demand for electronics products traditionally increases before Christmas.

In the first half of 2024, despite the still high interest rates, there was an increase of 9.3 percent with the applications for consumer loans. "The borrowers are less interested in luxury, but often need financial support for necessary purchases," said Martin Spona, CEO of the online comparison portal. The most expensive loans are currently overdrafts of the account, where banks demand up to 13.75 percent interest. Therefore, it is worth comparing loan offerings to save costs.

borrowing in Germany

In Germany, too, many consumers use loans to make larger purchases. According to Research and knowledge show statistics that about a quarter of the population takes at least one consumer loan, especially for cars and furniture. These loans are increasingly viewed as a strategic financing tool to bridge financial bottlenecks and relieve their own budget. Another trend is the debt rescheduling of existing loans on cheaper conditions, which is a financial advantage, especially in times of high inflation rates. Different banks and online offers offer attractive conditions for loans, which means that consumers can significantly save.