Lending in Ireland has surged to unprecedented levels, with personal loans doubling over the past four years. The Central Bank reported outstanding consumer credit exceeded â¬13 billion, marking the highest since February 2020. Growth spans various loan types, notably car loans and home improvement funding. Loan terms of one to five years dominate, potentially placing long-term repayment pressures on consumers. Notably, economists caution that external economic factors, including US policies, may pose risks of a global recession, adding complexity to this rising borrowing trend.
The current surge in personal loans highlights increasing consumer confidence, with more than â¬13 billion in outstanding credit, the highest since February 2020.
Car loan activity saw significant growth, with nearly â¬850 million drawn down last year, reflecting a 14% rise, underscoring a rebound in vehicle purchases.
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