According to the latest economic data, almost 60% of Spanish families are in debt. This, which a priori is normal since this indebtedness includes, among other things, the mortgage loan, is causing concern, according to the Bank of Spain, in that the debt is growing at a different rate than its income. .
“It is being a complicated scenario to alleviate the indebtedness and to even be able to advance payments as it had been done when it came to repaying loans. The rise in Euribor, which is expected to end February at around 3.5%, puts the cost of housing at margins that have not been seen since 2008. Added to this is the rise in the energy and gasoline bills, making it unfeasible, in many cases, even consider saving” they explain from the financial sector.
The truth is that the pressure is such that many do not rule out having problems facing all the bills at any given time. So much so that one of the most common searches in terms of default is “what to do if you appear in lists of delinquents”, which leads us to think about the real concern of many families who would see how this could considerably complicate, at any given time, obtaining new financing for other projects.
However, when it is essential, there are credit options that take this situation into account and that do not hinder access to loans, as shown by comparators such as Matchbanker.
What are the most common debts in Spanish families?
- The mortgage: the mortgage loan is becoming the Achilles heel of the majority of society. The fact that property in Spain continues to work better than leasing has a lot to do, too, with prices. The rise in rental prices to all-time highs despite the incentives that are being legislated is making home buying continue to be the preferred option for most families. This loan, which on average amounts to about 150,000 euros, accompanies the family for approximately 25-30 years. “The rise in rates is leading, according to the data that the entities move, to the effort to pay the bills rising above 57% of the family incomethey comment.
- Studies: another of the main reasons for demanding a loan and, therefore, for getting into debt, has to do with training. The need to specialize in Spanish society to find a better job is making postgraduate offers and hyper-specialized courses taking the attention of society. There are many who, seeking to improve their economic situation, opt for training in order to access better-paid positions. “It is not just about postgraduate courses but even about beginning to finish the education that was left behind when the compulsory phase ended. The dual vocational training, access to the university and specializations are having a great pull nowadays in search of opportunities” they comment.
- Vehicles: mobility is beginning to be much more common in Spain than it used to be. The pandemic, which moved hundreds of families to the suburbs in search of a better quality of life, has been joined by the possibility of working in nearby provinces or towns as long as job opportunities are better. This means that there is a need to have your own vehicle and, even, that allows entry into the centers of the capitals.
