The families’ debt fell 0.31% in October and stood at 704,797 million dollars, which is 2,184 million less than the previous month, according to data from the Instant Care Bank.
However, household indebtedness continues in 2017 at levels prior to the start of the economic crisis , which has led families to gradually reduce the loans contracted, thanks also to the drop in interest rates and the lowering of interest rates. credits Thus, it remains at its lowest level since May 2006 (700,885 million dollars).
The decrease in the debt of families in the eleventh month of the year is due both to the decline in consumer loans and loans for the purchase of housing.
Household consumer loans
Specifically, household consumer loans fell 0.3% compared to the previous month, reaching 173,499 million dollars, although 4% rose year-on-year.
On the other hand, home acquisition loans reached 531,297 million dollars . In comparison with October 2016, these credits fell 3% and in relation to September, they registered a decrease of 0.33%.
In spite of the decrease of the investment of the homes in housing during the last years, the amount that the families allocate to their home continues occupying the greater part of their indebtedness, since it supposes around 75% of the same .
On the other hand, out-of-balance loans and other transferred loans fell 3% compared to the previous month and 22% year-on-year, to 6,906 million.
Business debt rises slightly
Unlike families, companies slightly increased their debt for the second consecutive month and placed it at 914,983 million dollars, which means 731 million dollars more than in September. However, the indebtedness of the companies has been reduced by 2% compared to a year ago.
The slight increase in corporate debt is mainly explained by the increase in loans from resident financial institutions , which rose 0.3% in October and 3.4% year-on-year, to 513,608 million dollars.
Meanwhile, the different values of shares decreased 0.6% compared to the previous month but have an increase of 8.7% in the last year , reaching 94,896 million. Finally, loans from abroad experienced a 0.2% decrease compared to September, reaching 288,713 million dollars, with a year-on-year decrease of 2%.