Consumer Credit in Europe: Risks and Opportunities of a by Daniela Vandone

By Daniela Vandone

Consumer credits has turn into a topical factor for researchers, regulators and the banking in Europe due to expanding marketplace integration, regulatory adjustments and a turning out to be tendency of families to take advantage of debt to finance intake. This examine makes use of a cross-country method of examine a large diversity of concerns on the topic of shopper credits in Europe. targeting either the provision and insist facets, it takes into consideration the constitution and function of monetary intermediaries, the socio-demographic and financial profile of families and their hazard of over-indebtedness, in addition to the regulatory framework, comparable to the recent purchaser credits Directive. within the mild of this research, measures for the prevention and administration of over-indebtedness are awarded. This publication is vital for postgraduate scholars and experts in monetary associations, for regulators and policy-makers who're accountable for potency and balance of monetary systems.

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This increase in households’ average unsecured debt reflects the growth of consumer credit at aggregate level which, as the previous macroeconomic analysis showed, has been recorded throughout Europe. 3 Characteristics of Indebted Households 37 expansion stem from, on one hand, an increased propensity to debt in a macroeconomic climate of greater stability and, on the other, increased availability of credit by lenders as a result of heightened competition and improved credit risk management techniques that have made access to debt easier (Nieto 2007; Casolaro et al.

A. a. a. a. a. a. 49 Source: computations on SHIW data 2006 2,276 2,566 2,156 764 These data show that there is also a section of the population that have to borrow in order to manage their household finances. This evidence alone does not conflict with standard life-cycle intertemporal optimisation, but it certainly draws attention to the fact that parts of outstanding debt contracted through consumer credit forms are held by households and individuals that, in the event of an unexpected negative variation in income, may find themselves in a situation of over-indebtedness.

Sweden Germany Portugal Spain Italy Belgium United Kingdom France 0 10 20 30 40 2003 50 60 70 80 2006 Fig. 2 Non-specific purchase loans as a percentage of new loans (%, 2003–2006) Source: computations on Eurofinas data 9 For a detailed analysis of changes taking place on domestic consumer markets, for Italy, see Assofin (2007), for Spain, Banco de Espana (2007), for France, ASF (2007), and for other major European countries OEE (2005). 50 3 The Profitability of the Consumer Credit Industry These changes have contributed to an overhaul of product portfolios in the search for cost containments in distribution, expansion of potential customer bases to exploit cross selling opportunities and heightened effectiveness of customer loyalty programmes.

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