Spanish households’ indebtment falls to minimum of 2018

The bank debt of families and non-profit institutions resident in Spain fell 0.25% in October compared to the previous month, with a reduction of 1.728 billion euros, to 702.036 billion euros, which records its level lowest since February 2018.

Companies’ debt was reduced by 0.1% and fell in the 12th month of the year by 1,086 million euros, to 898,983 million, according to data released by the Bank of Spain.

Thus, the indebtedness of Spanish households is below the levels of a year ago, since in September last year the debt amounted to 705.512 billion euros, while companies have also reduced their debt in the last year, given that in the same month of 2018 they recorded a debt of 901.798 billion euros.

In fact, in recent months the debt of Spanish households has stabilized and has even falled to pre-crisis levels due to the gradual reduction of loans, the drop in interest rates and credit reduction.