Spain consumer credit grows 12.6% despite rising interest rates

Consumer credit in Spain continues to grow at double-digit annual rates, despite rising interest rates and geopolitical uncertainty. According to recent data from the Bank of Spain for July, consumer credit saw a year-on-year increase of 12.6%. This significantly outpaces the growth of general household credit (5.2%) and credit for home purchases (4.3%).

This trend of growth exceeding 12% has persisted for nine consecutive months, starting in November of last year. The total balance of consumer loans to households has remained above 100,000 million euros since April 2024.

Data from the Spanish Association of Credit Financial Establishments (ASNEF) indicates that new investment in consumer credit rose by 4.5% in 2025, reaching 27,681 million euros. This recovery follows a period of deceleration at the end of 2024. Additionally, the Asufin Loan Barometer confirms that the intention of Spanish citizens to utilize credit remains on the rise, even as borrowing costs have increased.