Irish consumers borrow record €3bn in personal loans in just one year
Irish consumers borrowed a record €3 billion in personal loans over the past year, driven by increases in car, home improvement, and general purpose financing. Banking data indicates a broad-based rise in borrowing activity across all major loan categories.
Why it matters
Record-breaking personal debt levels can serve as a key economic indicator of consumer confidence and potential inflationary pressures within the Irish economy.
Irish consumers collectively borrowed over 3 billion in personal loans in the past year.
Banking and Payments Federation (BPFI) figures show almost 282,000 personal loans were drawn down in the 12 months to the end of March.
It's a record amount, with the money being used to buy cars, make home improvements and pay for weddings among other things.
Some 69,604 personal loans with a total value of 788 million were drawn down in the three months to the end of March, up 14.5 per cent and 15.3 per cent in number and value, respectively, from the same period last year.
It meant that, on a rolling annual basis, a record 281,814 personal loans were drawn down in the 12 months to the end of March. The total value of loans drawn down over that period exceeded 3 billion for the first time, the BPFI said.
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