In Spain saw lending gain significant momentum in consumer credit in the first half of 2026, while mortgages rose only moderately. According to the latest statistics from the Banco de España reached consumer loans for services and durable goods, up 12 per cent on the same period a year earlier. Home-purchase finance rose to 42.61 billion euros over the same period, an increase of 3.3 per cent. Consumer credit therefore grew around four times as fast as mortgages.
Consumer credit is approaching levels last seen before the 2008 financial crisis was recorded. The series show that 2007 was the last comparable half-year, when around 28.27 billion euros was transacted. After periods of fluctuation, the series has been trending upwards again since the pandemic; compared with the lockdown-affected first half of 2020, the approved volume has roughly doubled.
The Banco de España cites interest rate rises by the Europäische Zentralbank that have continued since 2022, as well as tighter internal lending standards at banks, as key drivers. Higher interest rates make long-term, particularly variable-rate, finance more expensive, dampening demand for large-volume mortgage loans. At the same time, households are more often turning to targeted, shorter-term finance for vehicles, household appliances or holidays.
The central bank also points to risks. Continued strong growth in consumer credit can increase the vulnerability of private households, especially where high-interest products such as revolving credit cards or very fast small loans are used. Against this background, the regulator stresses the importance of transparent information and sound credit checks; targeted regulatory options for certain product classes are also under discussion. At the same time, digital platforms are gaining importance as channels for distributing finance and creating additional demands for supervision and consumer protection.
For banks, the trend means a broader revenue base in the short term, but potentially higher risk costs in the medium term should the economy weaken. For the real economy, additional consumer finance can provide support, while activity in the property market cools. How lasting the shift in the credit structure will be depends largely on future interest rate movements, household incomes and any regulatory changes. The Banco de España intends to monitor portfolio risks closely and stresses the importance of early risk detection at financial institutions.
Editor: Daniel Mayer (Article created with AI assistance).