Consumer -funded consumption slowed down for the second consecutive month. The lack of quotas plans and the collection of the bonus medium reduced the demand for financing in a context of caution and containment of spending.
In June, the financial system returned to Reflect consumption cooling signals. Credit lines more directly linked to homes, such as personal loans and Credit card financing, They showed a marked deceleration, both in nominal and real terms.
According to the latest report of First Capital Groupfinancing through credit cards grew just a 1.1% nominal During the month, which implies a real fall of 0.9% If the estimated inflation for the period is discounted. In interannual terms, the rise reached 129.8%, but remained below the rhythm of other credit lines. It is the second consecutive month with low performance for this type of financing.
“The main factor that explains this fall is the absence of quota programs with or without interestwhich have historically promoted the use of cards. Without that incentive, the portfolio tends to contract, ”he explained Guillermo Barberopartner of the consultant.
The seasonal context also played its part. He collection of the middle bonus by formal workers in June temporarily relieved the available income, which delayed the need to finance consumption or even allowed Cancel pre -existing debts in advance. This behavior was also reflected in the personal loansthat a 3.8% nominal And just 1.8% in real termshalf of the rhythm recorded in the first months of the year.
Credit cards
Mariano Fuchila
Dollars in dollars, on low
In the case of dollar credit, the behavior was mixed. While commercial loans in foreign currency (which explain more than 76% of the total) grew by 2.6% monthly, financing with dollars in dollars fell 18%located at US $639 milliondespite registering year -on -year growth of 40.4%.
June performance evidence two opposing dynamics: on the one hand, one slowdown of consumption in family sectors, marked by the lack of quota programs and the temporal relief of the bonus. On the other, a Investment -oriented linesmore sensitive to expectations of exchange stability and lower real rates.
“The demand for financing responds to both short -term factors, as well as the income calendar, and to structural conditions of the market. Families are sensitive to incentives, and the absence of quota plans is decisive,” concludes the report.
The panorama for the next months will depend largely on the behavior of real income and possible measures that reactivate consumption financing, In a scenario where prudence seems to have again been installed in the daily expense of households.
Source: Ambito
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