2023-10-01 07:08:04
The difficult economic situation experienced by thousands of Spanish households, derived from the recent inflationary period and the rise in interest rates that the ECB has placed at 4% in a few months after more than a decade at 0%, has caused each More and more people are turning to personal loans or credit cards to cover their day-to-day expenses, mortgage payments, car bills, vacation deadlines, etc. This is a solution that in many cases has led to severe over-indebtedness and which, as an alternative, many families try to mitigate by reunifying these debts.
The reunification of debts consists of grouping all the loans and mortgages that you have into one to face the payment of a single monthly installment whose amount will be less than the sum of the different obligations, although by increasing the amortization period and the interest rate. of the credit, the final capital to be paid is greater.
In the short term, this system means a great relief for family economies by reducing the amount of monthly money to be returned. However, by extending the duration of the loan the final interest payable will increase significantly.
Statistics show that for several years now, the number of families that are forced to make this decision does not stop growing. Thus, in the year of the pandemic there were 712,500 who opted for this formula, in 2021 it rose to 750,000 and since then it has continued to increase to 810,000 in 2022.
In this context, at the end of last July, a total of 883,000 families benefited from some type of debt reunification, 9% more, equivalent to 73,000 more than just 10 months ago, according to Ausufin.
The inflationary situation motivated by high costs has simultaneously led to the interest on these operations skyrocketing from 4% to 5.48% on average, reducing the savings and cushion that many families had accumulated during the pandemic.
In this scenario, the rise in the price of money and the Euribor in the last year has triggered variable-rate mortgage payments, decimating the purchasing power of the most vulnerable families who face higher rates on their electricity bill. , gas or the shopping basket with prices that have also skyrocketed.
Economists warn that this is an operation with which care must be taken because reunifying debts entails an associated cost in the form of an increase in the interest to be paid. After comparing several companies that offer this service, the Asufin barometer indicates that the extra cost has gone from 336.7% in 2022 to 409.7% in this year as a result of high interests.
Cards
The order of the financial products that are most reunified in Spain remains unchanged. The one that leads is credit cards, followed by personal loans, mortgages, mini-credits and, finally, other types of debt.
However, of all of them, the one that increases the most is mortgages. If a year ago they constituted 59.20% of reunifications, now it rises to 64.20%, five points more.
Mini-credit operations also increase, going from 42.30% to 44.00% in just one year. Finally, personal loans rose, going from 76% to 77%, one point more than a year ago.
On the opposite side, although they continue to win the gold medal, their scores have dropped, going from 92.30% to 91.10%, one point less. Other types of debt are also slightly reduced, going from 14.7% to 14.5% in recent months, according to Asufin.
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