Household debt increased by 1% in November, to 712,910 million euros,which is 7.571 million euros more than the previous month, while the corporate debt remained practically at the same level, according to the data published this Wednesday by the Bank of Spain.
In interannual rate,the indebtedness of Spanish households remained practically unchanged with respect to November 2017,with an increase of 145 million euros. In this way, the indebtedness of the families recovered the upward path after the decline of the month of October (-0.2%) and marks its highest level since November 2017.
However, in recent monthsthe debt of Spanish households has generally fallen to levels prior to the crisisdue to the gradual reduction of the loans contracted, to the fall in interest rates and to the reduction in credits.
The increase in household debt in the eleventh month of 2018 is mainly due to the increase in consumer loans, which stood at 191,038 million euros, representing an increase of 4.5% compared to the data for the month of September and 4.5% more than the amount registered in the same month of the previous year.
On the other hand, the credits destined toto housing stood at 521,873 million euros,740 million less at the monthly level and 1.5% lower at the inter-annual level.
Despite the decline in investment of households in housing in recent years, the amount that families allocate to their home continues to occupy most of their indebtedness, since it represents around 73.2% of it.
It also increases the debt of companies
On their side, the companies minimally increased their debt in the month of November. In particular, the debt of companiesit stood at 893.580 million euros,132 million more than the previous month but 0.4% less than a year ago. In any case, the figure continues to be the lowest level since the beginning of 2006.
The slight increase in corporate debt in November is mainly explained by the rise in debt securities and the rise in loans from abroad, compared to the drop in loans from resident credit institutions.
Specifically, loans from resident entities fell to 491,186 million euros, 0.2% less monthly and 4.4% lower than the figure of the same month of the previous year, while the different values of shares were maintained on a monthly basis, up to 103,872 million.The figure is also 10.3% higher than a year ago (103,872 million).
Lastly, loans from abroad rose by 0.3% compared to the previous month, to 298,522 million, 3.3% more year-on-year.