Spain's most absurd loans: from breast implants to political wardrobes
From dental implants to a politician's suit: Spain's most absurd consumer loan cases reveal an alarming lack of financial planning among Spanish households.
English · Original discussion in Spanish · Published
Loans for implants, outfits and surgery: when debt makes no sense at all
A couple about to sign for the purchase of their home found themselves 3,000 euros short to cover three mortgages. The solution: taking out an express loan from Cofidis right there at the notary's office. It worked out, but the example shows just how far the lack of financial planning goes in many Spanish families.
Beyond the anecdote, the debate over absurd loans reveals a worrying pattern: borrowing to cover expenses that should be paid from savings is becoming increasingly common. From replacing a washing machine to dental implants, not to mention holidays, TVs or the latest smartphones, consumer credit has become the go-to solution for those with no financial cushion.
Credit as childish behaviour or a misunderstood necessity
One school of thought holds that borrowing for non-essential consumer goods is an immature act. "Not having 1,000 euros for a household appliance shows a lack of planning," is the summary. The argument targets the "now, with no effort" culture that banks promote, which clashes head-on with the basic advice of keeping an emergency fund of at least three months' expenses.
However, some point out that in unexpected situations – a car breaking down without warning or a sudden household breakdown – credit may be the only way out. The key is frequency: if every unforeseen expense is solved with a loan, the problem is more fundamental.
Extreme cases: from breasts to politics
The most extreme examples border on the farcical. One user recounts the case of someone who took out a loan so his partner could get breast surgery; after the operation, she left him "because she now aspired to something better." Another mentions an aspiring politician who went into debt to buy a "decent" wardrobe. And there is no shortage of criticism for the "financially illiterate" who pile credit upon credit, trusting that Spain's Second Chance Law (a legal mechanism that allows over-indebted individuals to have their debts discharged) will wipe out what they owe.
The common denominator is the absence of even a minimal savings cushion. "How the hell does someone sleep at night without 3,000 euros in the bank?" asks a direct witness to these situations. The answer is uncomfortable: for millions of Spaniards, living hand to mouth is not a choice but the only possible way of life.
The price of failing to plan: painful figures
While Spanish public debt reaches record levels – 1.74 trillion euros, 101.6% of GDP – households are also piling up liabilities. Although consumer credit growth has moderated, defaults remain high. Financial education is still the pending subject in a country where taking out a loan for a Jenny doll or the latest iPhone has become normalised.
The sarracena of the story is summed up in a quote from the discussion: "If you need a loan to buy something, maybe you haven't earned it yet." Applied sensibly, it would prevent many absurd decisions.
Related discussions in the forum
A couple about to sign for the purchase of their home found themselves 3,000 euros short to cover three mortgages. The solution: taking out an express loan from Cofidis right there at the notary's office. It worked out, but the example shows just how far the lack of financial planning goes in many Spanish families.
Beyond the anecdote, the debate over absurd loans reveals a worrying pattern: borrowing to cover expenses that should be paid from savings is becoming increasingly common. From replacing a washing machine to dental implants, not to mention holidays, TVs or the latest smartphones, consumer credit has become the go-to solution for those with no financial cushion.
Credit as childish behaviour or a misunderstood necessity
One school of thought holds that borrowing for non-essential consumer goods is an immature act. "Not having 1,000 euros for a household appliance shows a lack of planning," is the summary. The argument targets the "now, with no effort" culture that banks promote, which clashes head-on with the basic advice of keeping an emergency fund of at least three months' expenses.
However, some point out that in unexpected situations – a car breaking down without warning or a sudden household breakdown – credit may be the only way out. The key is frequency: if every unforeseen expense is solved with a loan, the problem is more fundamental.
Extreme cases: from breasts to politics
The most extreme examples border on the farcical. One user recounts the case of someone who took out a loan so his partner could get breast surgery; after the operation, she left him "because she now aspired to something better." Another mentions an aspiring politician who went into debt to buy a "decent" wardrobe. And there is no shortage of criticism for the "financially illiterate" who pile credit upon credit, trusting that Spain's Second Chance Law (a legal mechanism that allows over-indebted individuals to have their debts discharged) will wipe out what they owe.
The common denominator is the absence of even a minimal savings cushion. "How the hell does someone sleep at night without 3,000 euros in the bank?" asks a direct witness to these situations. The answer is uncomfortable: for millions of Spaniards, living hand to mouth is not a choice but the only possible way of life.
The price of failing to plan: painful figures
While Spanish public debt reaches record levels – 1.74 trillion euros, 101.6% of GDP – households are also piling up liabilities. Although consumer credit growth has moderated, defaults remain high. Financial education is still the pending subject in a country where taking out a loan for a Jenny doll or the latest iPhone has become normalised.
The sarracena of the story is summed up in a quote from the discussion: "If you need a loan to buy something, maybe you haven't earned it yet." Applied sensibly, it would prevent many absurd decisions.
Related discussions in the forum
- Watch out for what an animal shelter demands before letting you adopt a kitten · 121 replies
- The decline of the Carrefour hypermarket in my area · 44 replies
- eL BOJQUE ejjjjjta MU SUSIO · 12 replies
- 40 years old, zero sport since 15, ex-fatty · 17 replies
Also available in: Deutsch
Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (22 replies).
More summaries
-
The savings paradox: consumption falls but debt keeps rising
Despite consuming less, savings are falling and debt is not shrinking. Low earners with no capacity to save, alongside savers investing up to 51% of their salary.
-
P.O.L.E.: the party that treated responsible consumption as a joke
The P.O.L.E. (Spanish Lonchafinist Workers' Party) was born in a responsible consumption forum as political satire. Its slogan: "Your fucking mother is going to consume". Real
-
Energy Monitors: Real Savings or Electrical Illusions?
Energy consumption monitors: Real savings or technical bias in measurement? We analyze the reliability of these devices.
-
Self-discharge kills the quantum battery for electric cars
Charging 100 kWh in a minute would require 6 MW per charging point, and quantum entanglement collapses in nanoseconds.
-
Most reliable weather app: none fully convinces
The most reliable weather app doesn't exist: AEMET, Meteoblue, Windy and yr compete with no winner. The strategy that works is cross-checking at least three sources.
-
Muface member with leukemia left without cover for €20,000 monthly drugs
A retired Spanish civil servant insured through Muface is seeking urgent admission to the public health system after his private insurer refused to cover €20,000 a month in leukemia medication.