Less credit despite low interest rates
According to the credit bureau, 7.4 million installment loans were taken up in 2014. This corresponds to a decrease of 303,000 or 3.9% compared to the previous year. Despite the significant drop in interest rates, there has never been a significant increase in borrowing in recent years. This is noteworthy in view of the fact that the European Central Bank is basing its easy monetary policy on inter alia demand for credit and that economists also view it as a stimulus to economic growth.
More loans over 10,000
Of the new installment loans, 31.2% were net loan amounts above $ 10,000. For the first time, the number of loans taken out in this order exceeded small loans with a net loan amount of at most 1000. These accounted for 27.5% of the 7.4 million loans raised.
15.3% of the loans were in the amount of 1000-3000, 26% to 3000-10.000. Overall, the Germans had 17.5 million loans as of 31 December 2014, which represents a decrease of 0.9% compared to the previous year.
The individuals who had received at least one installment loan faced an average debt of 9741. This corresponds to an increase of 469 or 5.1% compared to the previous year. The average maturity of the new installment loans reached a comparatively high level of 45.5 months. In 2009 credit bureau had an average repayment term of 43 months and in 2004 of 44.8 months.
More requests per credit
A trend of recent years continues: Consumers now compare loans more intensively than before. This can be seen in the number of inquiries in the context of the “credit conditions” transfer per credit. In 2014, an average of 1.4 requests were made for each loan disbursed. In 2013 it was 1.3 and in 2012 1.2.
With the exception of those over 74, the number of requests per loan has increased across all age groups. However, there is still a clear age gap: in the group of over 55-year-olds, the number of inquiries per loan is just over 1.0, in the group of 25-34-j At 1.8.
97.5% of the loans are fully serviced
As in previous years, payment disruptions on the German credit market are not a mass phenomenon. 97.5% of the loans were serviced on time, according to credit bureau. As a result, the repayment rate was at the same level as in previous years. All 2.5% of the loans with payment failures count against the receipt of a reminder.
90.8% of the persons listed in the dataset have only positive information, which implies that 9.2% or 6.1 million people in Germany suffer from a negative history of payments.
Regional differences in payment defaults
The proportion of people with at least one negative feature is subject to large regional fluctuations. Thus, 13% in Berlin and 12.2% of the population in Bremen have negative characteristics. In Saxony-Anhalt and North Rhine-Westphalia there were 11.0% each. The lowest rate in Bavaria is 6.6% and Baden-Wuerttemberg 7.2%. Even in Saxony with 8.3% and Thuringia with 8.8% only a small proportion of the population is burdened with negative features.
Germany’s largest credit agency claims to have stored 728 million pieces of information on 4.3 million businesses and 66.3 million private individuals. The company, based in Wiesbaden, therefore provides 300,000 bank accounts per day and serves 9,000 corporate customers and 2 million private customers who use paid-for products such as the portal www.meinecredit bureau.de.