Dutch consumers more reluctant to borrow money

05/11/2009 15:00

In the first three quarters of 2009, Dutch households took out 7.4 billion euro in consumer loans, 12 percent less than in the same period last year. Since the outbreak of the economic crisis, consumers have become more cautious.

Consumer credit granted

Consumer credit granted

Less money borrowed from finance companies

The total amount borrowed by Dutch consumers in the first three quarters of this year was 972 million euro down on the same period in 2008. The total sum borrowed by cautious consumers from finance companies dropped by 615 million euro (20 percent) compared to last year.

Consumers spent far less on durable goods like cars, furniture and electrical appliances. The overall amount borrowed from finance companies to purchase cars dropped by 310 million euro and consumers borrowed 243 million euro less to buy furniture and electrical appliances. 

Mail order companies also suffered a great deal as a result of the recession. Loans outstanding at mail order companies diminished by 111 million euro (one third) relative to the first three quarters of 2008. Banks and credit card companies were to a lesser extent affected by the economic recession.

Overdrafts, first three quarters of 2009

Overdrafts, first three quarters of 2009

Lia Siebeling