According to Humberto Colmán, a member of the Central Bank board of directors during the presentation of the report, this increase in household debt is attributed to the expansion of its two components, both consumer loans, as well as housing loans, this being The latter was the one that had a greater contribution in 2021, possibly as a consequence of the reduction in interest rates within this segment.
Although household debt has been increasing steadily each year, it represents only 7% of Gross Domestic Product (GDP), said the member of the BCP board of directors.
He indicated that it is comparatively well below the regional average and that of emerging countries that maintain 50% of GDP, which shows that there is still a long way to go in terms of bankarization. It should be noted that the financial stability report collects data from the regulated financial sector such as financial banks and cooperatives.
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Portfolio delinquency increased
The aforementioned report shows that in the third quarter of the year, the quality of household credit deteriorated in the last year, considering that the delinquency rate went from 4.9% in September 2020 to 6.3% this year in the same month. According to Colmán, this is due to the effect of normalization of the transitory measures for the credits that were in force in a pandemic.
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