Borrowing in Europe is incredibly cheap.
You can get a mortgage 2% or less.
Car financing in Spain, one of the more expensive EU countries to borrow, is also between 4-7% while personal loans range between 3-5%. In Germany you’re looking at 1.48% to 3% on personal or auto lending.
**Will also add that in Argentina auto financing is available interest free - that doesn’t mean its necessarily a good deal if you earn in pesos - but it’s common to find first 6-12 cuotas fixed at present values before adjustments kick in. I’d say auto financing is pretty readily available here and encouraged by the government to prop up this domestic industry.
Just because people can borrow doesn’t mean they borrow and spend without thinking, especially when you’re culture isn’t telling you to do it to be socially accepted.
