In Spain, one in three credit card users finances their purchases with it, with an average monthly amount of 452 euros, being those over 45 years of age and with greater financial solvency those who most resort to this practice.
La Rioja, Castilla-La Mancha and the Basque Country are the regions in which the highest percentage of purchases financed with a card is registered35% of the total; while Cantabria, Navarra and Extremadura are below 30%, according to a report by Fintonic.
According to this study, in Spain two out of five people have a credit card and 68% of them use it regularly. This means that 28% of the Spanish population regularly uses a credit card, with an average of seven transactions per month. The average expense through this payment method is 416 euros per month, although more than 20% of users exceed 1,000 euros.
Age is also a factor that influences the level of regular use of the credit card. In this way, while sOnly 10% of those under 25 years of age use this type of card; this proportion increases to one in two among those over 55 years of age. It is also significant that the users with the lowest financial solvency are those who, with 26%, register a lower penetration in the use of credit cards.
The available credit limit is another element that varies depending on age. If the general average is 2,060 euros per month, after 55 years it rises 28% to 2,646 euros. And it also differs depending on the issuing entity.
“The correct use of credit cards is still a pending issue in the financial education of citizens. Its use as a financing system is associated with a very high interest rate, an average 17.71% according to the Bank of Spain, well above the interest applied on consumer loans, which are around 7% and which therefore, they represent significant savings for the user when deferring a payment. Specifically, 60 euros in savings for every 1,000 euros financed. ”, Says Lupina Iturriaga, founder and Co-CEO of Fintonic.
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