Overview
- Latest PNFC data to July show average debt per client up 75% year over year to $5.6 million, with 6.2 million people owing in both bank and nonbank channels.
- Balances average $4.4 million with banks and $1.2 million with nonbank lenders, which comprise 542 providers extending about $11 trillion.
- Overall delinquency reached 8.6% and is far higher outside banks, with roughly 15% irregularity and segment moras of 20% in personal loans, 18% in wallets and 27% in appliance financing.
- Borrowing costs far exceed inflation, with a 129% nominal annual rate on nonbank personal loans and about 92% on credit cards versus 36.6% year‑on‑year inflation in July.
- The BCRA cut its reference rate from 22% to 20% and relaxed reserve requirements to mobilize bank credit, cautioning that portfolio quality could deteriorate further if servicing conditions do not improve.