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The causes? As detailed by the Central Bank report, this is partly explained by the increase in mortgage loans, but mainly due to the drop in income.
The indebtedness of Chilean households reached a new all-time high, as confirmed by the Central Bank through its National Accounts Report for the second quarter of 2020.
He values of household debt reached a 76.4% of your annual income; an increase of 0.9% compared to the previous quarter, which raises it to an amount equivalent to 50.7% of the Gross Domestic Product (GDP).
According to the report, this is partly explained by the increase in mortgage loans, but mainly due to the drop in income.
Meanwhile, the Household gross disposable income fell 8% in twelve months by the deterioration of the labor market, which was offset by direct transfers from the State.
On the other hand, the report found that the total amount of debt registered a decrease, accompanied by a 16.6% drop in consumption and a decline in bank loans.
Despite this, Francisco Aravena, an economist and academic at the Universidad San Sebastián, pointed out that the data reflects a detrimental to the financial position of households.
For his part, the lawyer and founding partner of Defense Debtors, Ricardo Ibáñez, predicted that the third quarter of the year will reflect the most critical period for debt, taking into account the serious deterioration of the labor market and the expiration of many postponements of payments.
On the other hand, Marco Valdés, a lawyer and academic at the University of Las Américas Law School, agreed with this scenario, but maintained that the withdrawal of 10% of pension funds could help mitigate the impact if it is used responsibly.
Among other figures, the Central Bank reported that the percentage of debt to GDP in the companies rose to 127.7%, 7.8% more than the previous period for the corporate sector.
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