
Considerably higher new drawdowns of unsecured consumer credit in May than before1.7.2022 10:00:00 EEST | Suomen Pankki
The amount of unsecured consumer credit drawn from credit institutions in May 2022 was EUR 368 million, which is 15% more than a year earlier and the highest number ever recorded in any single month. The majority (EUR 237 million) of the new unsecured consumer credit consisted of non-vehicle loans[1]. The year-on-year growth in May was mainly due to these loans. The average interest on new unsecured consumer credit[2] declined from April to stand at 8.2% in May. A little more than half of new consumer credit was linked to Euribor rates. The most frequently used Euribor was the 3-month rate. Fixed interest rates and other reference rates are more common as reference rates on unsecured consumer credit in comparison to other household loans. The use of card credit has also increased in recent months. At the end of May 2022, the households’ stock of card credit amounted to EUR 3.4 billion, having grown almost 10% from a year earlier. In May, 81% of card credit was extended credit card cred