Editorial: El Mundo

• Spanish households are saving less and relying more on credit.
• Consumer loans surpass €113,000 million, a record level with an annual growth of 11%.
• The total household debt is still manageable in a context of solid employment, rising wages and growth.
• Credit is driving much of the spending increase, which may pose risks if its granting is restricted.
• An increase in inflation and rates would make the installments of families who finance credits more expensive.
• The expansion of credit cannot become a structural substitute for saving.

Conclusion: While the growth of credit is a sign of confidence, it is also a sign of financial dependence. Associated risks will be manageable if the economy remains stable, but if there is a change, it will impact families with less economic security.

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