Household Debt Lowest Since Start of Crisis

November 7th, 2012

According to provisional data published on Monday by the Bank of Spain, Spanish families held debts amounting to 840,580 million euros in September, which is 4.2% less than a year earlier and the lowest level since June 2007.

Of these 840,580 million euros, the greatest part, 77%, was for loans for house purchases, which in late September amounted to 647,782 million euros.

The number of loans for home purchases has declined in the last year by 3.5%, while loans for other purposes fell at the end of September to 189,974 million euros, which is 6.6% less than a year earlier and under 190,000 million euros for the first time since August 2006.

As for non-financial corporations, El Mundo reported that companies’ debts reached 1,213 billion euros in September, compared with 1,267 billion euros last year.

Spanish corporate debt remained at the same levels as in August, which was the lowest levels registered since November 2007. As has been the case in recent months, the decline in corporate debt has been due largely to the decrease in securitised loans, which dropped from 852,349 million euros in September 2011, to 792,700 million euros in September of this year.

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