Consumers in Germany are proving to be responsible debtors, even in Corona 2020. Whether this continues depends largely on how the crisis continues.
Frankfurt / Wiesbaden (dpa) – Even in the Crown crisis, consumers in Germany pay their bills and loan installments mainly on time, according to Schufa.
“After the first lockdown, there was no significant increase in interruptions in payments or in defaulted installment loans, nor can one speak in reverse of a credit crisis,” says the annual credit compass of the credit agency of Wiesbaden. “We see a high level of payment behavior despite the Corona crisis,” commented Schufa board member Ole Schröder. “For us, this is an indicator of a robust economy in tough times.”
According to Schufa, no increase in payment problems was noticed in the first three quarters of 2020. The credit default rate was 2.1 percent at the end of September, and therefore as low as in full years 2018 and 2019. In contrast, this means that 97.9 percent of all consumer loans are properly managed. ARD magazine “Kontraste” had previously reported on the “Credit Compass 2020”.
According to the Schufa data, there were around 17.6 million term loans outstanding in Germany on September 30 this year. In 2019, 7.2 million contracts of this type were signed, 8.3 percent less than a year earlier. However, the average loan amount has again risen significantly across all age groups, Schufa found: On average, the sum was 12,710 euros, 14 percent more than in 2018.
The further development of payment behavior depends “largely on the future course of the corona pandemic,” the credit bureau writes. The Schufa rates as positive that the mood among consumers, the self-employed and small businesses has improved recently: In a recent survey, according to the data, the majority (51 percent) of the good 900 participants said they were concerned about the future. In a September poll, the number of pessimists among the 1,000 surveyed at the time was 66 percent.
The data collected and evaluated by Schufa and other credit bureaus is important to millions of people who apply for loans or wish to enter into rental agreements. Schufa’s statistics do not record overdrafts or liabilities, for example from contracts with mobile phone providers. According to the credit bureau, the Schufa database includes 1 billion pieces of information on 67.9 million individuals and 6 million companies.