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Average household debt rises to 22,710 euros in Italy

14 Aug 2023 05:50pm
Image for illustrative purposes only. – FILE PIX
Image for illustrative purposes only. – FILE PIX
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ROME - Average household debt in Italy rose to 22,710 euros at the end of 2022, the Cgia study centre said on Saturday, reported ANSA news agency.

Total borrowings reached a record level of 595.1 billion euros, an increase of 3.5 per cent compared to 2021.

In this context, Cgia warned of the risk of usury, even though the number of reports of this crime to the police has been falling for some time.

"It is difficult for those who have fallen prey to loan sharks to turn to the police. The victims are often threatened and fear for their physical safety and that of their relatives," the study centre explained.

Cgia said the increase in household debt has been driven by a number of factors including high inflation, rising interest rates, high energy costs and the strong post-Covid economic recovery in the period 2021-2022.

The most indebted households are located in the provinces registering the highest level of income: Milan (average debt 35,342 euro (+5.1 per cent over 2021); Monza-Brianza (31,984 euro (+3 per cent); Bolzano (31,483 euro (+5 per cent); Rome 30,851 euro (+2.8 per cent); and Como (30,276 euro (+3.8 per cent). - BERNAMA-ANSA

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average household debt in italy
cgia study
driven by high inflation
rose in 2022
high energy costs
rising interest rates
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