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It had already happened in the first half of 2018: at that time the percentage of indebted citizens had increased by 7.6% in just six months. Even this crisis, generated by the Covid-19 emergency, has not slowed down the demand for financing. After a phase of weakness that lasted until mid-April, coinciding with the blockade launched by the government, applications for retail credit, however, returned to pre-crisis levels. The month of August registered a real boom, with mortgage applications showing + 33.7% compared to the same month of 2019, while completed loans grew 22.2%. Only personal loans have yet to return to pre-Covid levels, registering a lag of -11.1 percent.
The geography of debt
Analyzing the credit map of Crif territorially, Tuscany is the region with the most indebted residents, therefore with the highest credit propensity: in some provinces, such as Livorno or Massa Carrara, more than one resident in two has at least one payment to Paga at the end of the month. The lowest number of adults with at least one active loan, on the other hand, is registered in Trentino Alto Adige: only 21.6% and the majority are mortgages (30% of contracts in Bolzano). Here, in fact, the average rate is the highest (513 euros in South Tyrol), also due to the cost of housing in the area.
Debt is below average also in many southern regions, including Sicily, with 38.3% of residents, Calabria, with 36.3%, and Campania, with 35.7%. In all southern regions, the weight of mortgage contracts in the household portfolio is significantly lower and this reduces the average rate and residual debt. In Calabria, in particular, mortgages represent only 13.3% of the total (compared to 29.8% in Friuli, 26.3% in Emilia Romagna and 25.7% in Lombardy).
Regarding personal loans, on the other hand, the highest incidence on total active loans is found in Basilicata (36.4%), Molise (35.9%) and Sicily (35.7%), while in Tuscany and Lombardy, this form of credit is used much less than the national average. Finally, Calabria, Sardinia and Puglia are the regions where there is the greatest spread of targeted loans (for the purchase of cars, mobile phones, household appliances, etc.), respectively equal to 54.1%, 50.6 and 50.0 accounts receivable.
