Four out of ten Moroccans have already used consumer credit, which is generally negatively perceived in our society, indicates a study carried out by the firm LMS-CSA on behalf of the weekly Eco Life, which published the results in its April 29 edition. Thus, no less than 38% of the people affected by this survey claim to have already used this method of financing. More than that, one out of five Moroccans, or 21% of respondents, has taken out at least one loan that is still being repaid, 31% have taken out two loans at a time and 12% have taken out three at the same time. However, the study underlines that the overwhelming majority of Moroccans who have used consumer credit have done so out of necessity. And this is the case for 94% of those surveyed.
The authors of this study report Eco Life, underline that even if it is rather considered as a means of overcoming temporary financial difficulties, consumer credit is far from being unanimously perceived as a means of improving living conditions. Of course, most Moroccans turn to banks for this type of financing, despite the presence on the market of a large number of specialized establishments. This is the case for 58% of people who have used consumer credit. Important detail: one out of five Moroccans has used microcredit organizations. In the latter case, the loan is intended to finance an income-generating activity. Which is quite positive.
The authors of the survey are interested in the use that the people surveyed make of the credit they have contracted. It appears from their survey that consumer credit is mainly used for the purchase of a vehicle, household appliances or home renovations and, of course, in the case of microcredit, the financing of a professional activity. Eco Life also notes a worrying figure: 4% of respondents claim to have taken out a loan to settle another financial commitment. The figure is still relatively low, but it is nonetheless worrying.
Other no less worrying figures: 7% of Moroccans have taken out a loan for health problems and 5% for their children’s school fees. Alarming results since, in both cases, they refer to a public service. One could easily admit that one takes out a loan to finance higher education (4% of respondents say they have done so), but not the school. The fact remains that consumer credit is a well-established practice in the lives of Moroccans since, according to the weekly, which always uses the results of the LMS survey, almost half of consumer credit users ( 49%) have been using it for more than 10 years.
Source: The 360