Borrowing money, costs money

Dutch consumers have 30 billion in loans outstanding


February 15, 2019

There is still an amount of approximately 30 billion outstanding in consumer loans, according to commercial director Mike Verbeek of BNP Paribas Personal Finance. These consumer loans are hidden in a mortgage. Sounds cryptic, but Verbeek means that many people use money from their mortgage for consumer purposes, such as a car.

This has been quite normal for many years. To use money from your mortgage for these types of consumer purposes.

Now that the interest can no longer be deducted from the tax authorities and it is no longer possible to borrow more money with your mortgage than the home value, a shift will slowly but surely take place from 'disguised' consumer loans to the normal consumer credits.

According to Verbeek, this is a good thing, because the term of a consumer credit is also adjusted to the lifespan of the loan target. If you use money from a mortgage to purchase a car, it means that you pay off for 30 years and pay interest for a car that needs to be replaced after a few years. And that is an undesirable situation financially.

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