SocietyMoroccans, big consumers of consumer credit

Moroccans, big consumers of consumer credit

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More than 90% of Moroccans use consumer credit out of necessity. A mode of financing yet poorly perceived in society. This is revealed by a study carried out by a specialized firm.

According to a study by the firm LMS-CSA carried out for the weekly La Vie Éco, almost half of Moroccans subscribing to consumer credit (49%) have been using it for more than 10 years. This method of financing is however poorly perceived in society. 94% of those surveyed said they use consumer credit out of necessity. 21% of respondents say they have taken out at least one loan that is still being repaid, while 31% say they have taken out two loans at the same time. 12% take out three consumer loans at the same time.

The study also reveals that one in five Moroccans has applied for consumer credit from microcredit organizations to finance an income-generating activity. 58% of people who used consumer credit turned to banks. 4% of respondents say they have taken out a loan to settle another financial commitment. Same percentage for those who financed higher education with consumer credit. 7% of Moroccans have taken out a loan for health problems and 5% for their children’s school fees, the same study specifies.

The Moroccan Blog
The Moroccan Blog
The Moroccan Blog is an English based newsblog dedicated to Morocco. You can find here all news from Morocco across a variety of topics: Arts & Culture, Economy & Business, Lifestyle, Moroccan Sahara, MRE, Society, Tourism & Travel and more.

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