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Non-Bank Consumer Credit Strains Deepen in Argentina as Mexico Holds a Decade-Low Default Rate

Fresh data show stress concentrated outside traditional banks.

Overview

  • Argentina’s delinquency at non-bank lenders jumped from 7.4% to about 20% in 11 months through October, according to BCRA figures processed by EcoGo.
  • Total household debt in Argentina now equals roughly 137% of income, rising from just over 100% a year earlier, with informal and self‑employed workers near 143%.
  • Within Argentina’s non-bank segment, uncollectible balances doubled to 5.6% and high‑risk loans climbed to 8%, while banks reported a far lower 4.4% delinquency rate.
  • Argentina’s off‑bank credit market spans 542 firms and about 12.2 trillion pesos in balances (around 1.3% of GDP), as the central bank also noted an 8% household loan delinquency in October for bank entities, the worst in 15 years.
  • In Mexico, the adjusted consumer delinquency rate (Imora) stood at 10.54% in September, the lowest in a decade, though it edged up during 2025 and Sofipo institutions showed gradual deterioration tied to macro pressures.