Consumer credit and AsterFinance:
a bit of history … Consumer credit: As a key factor in household equipment, consumer credit contributes directly to economic growth.
In France, where the share of household consumption in GDP is high, consumer credit accounts for just over 7% of GDP each year.
The role of consumer credit is deeply embedded in economic history, as illustrated by the legalization of interest-bearing lending in the Civil Code since 1804. From the 19th century and even more in the 20th century, consumer credit develops, first on old models, then in the more innovative form of “installment sale” and then allows household equipment in automobile, refrigerator or TV. In France, it is in the aftermath of the First World War that consumer credit really appears.
What is the purpose of consumer credit?
Although it is difficult to quantify exactly the final allocation of consumer credit, we can estimate that they are divided into three groups, about one-third each. The first concerns automobile financing, equipment and housing development, financing of other goods and services, and household cash flow.
- The automobile is the first consumer good whose acquisition is financed on credit, in France three new cars out of four and more than one out of two second-hand vehicles. On average, the French finance 73% of the purchase price of their car, over an average contractual period of four and a half years.
- The second allocation of consumer credit concerns expenditures related to housing (household appliances, furniture, works, etc.). There is a strong link between the real estate market and the consumer credit market. Households who repay a mortgage have more use of consumer credit than the rest of the population.
- In addition to the automobile in the broad sense and the equipment and furnishings of the house, the goods and services purchased or purchased on credit are numerous and concern as well the studies of children as leisure, major events, the payment of taxes, clothing, etc.
Birth of AsterFinance …
AsterFinance was born in 1951 on the initiative of the National Federation of Furnishings. The objective was to help the French to equip themselves after the Second World War.