Credit card debt in Spain trebles in seven years to an average of 1,900 euros per head
Tuesday, July 23, 2013 @ 10:56 AM
RESIDENTS in Spain owe more than 89 billion euros on credit cards, according to a banking consumer association, ADICAE.
Its leader, Fernando Herrero, says this had risen from 26 billion in 2005 with bad debts at a fraction of this – 137.8 million euros – and rocketed to 70 billion in 2010 with bad debt from unpaid cards having increased five times over.
This works out at approximately 1,900 euros per inhabitant, although when taking into account those who do not own credit cards, including children, the average debt per head is considerably higher.
Read more at thinkSPAIN.com