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Diari Catalunya

Household delinquency rate drops to pre-Great Financial Crisis levels

Spanish families reduced their non-performing loans to 2.4%, a rate not seen since the collapse of Lehman Brothers in 2008.

Gràfic abstracte que representa la caiguda de la taxa de morositat en una economia domèstica.

Gràfic abstracte que representa la caiguda de la taxa de morositat en una economia domèstica.

Spanish households reduced their delinquency rate to 2.4% last September, according to the Bank of Spain, reaching the level recorded just before the outbreak of the Great Financial Crisis in 2008.

This reduction places non-performing loans at 2.4% of total outstanding loans, a figure almost identical to the 2.36% registered in September 2008, which marked the start of the crisis following the bankruptcy of Lehman Brothers. The balance of unpaid household loans stood at 15,698 million euros, driven by both a decrease in overdue loans and an increase in bank financing granted.

The household default rate reached a historical peak of 7.1% in March 2014, and has since been decreasing almost uninterruptedly.

The improvement is primarily attributed to strong employment growth, with Spain recording a new annual historical maximum of 21.84 million workers registered with the Social Security. Furthermore, interest rate cuts by the European Central Bank (ECB), which set the reference rate at 2% between June 2024 and 2025, have eased the financial burden on families.
By segment, mortgage delinquency saw the largest drop, settling at 1.85%, the lowest level since September 2008. However, consumer credit experienced a slight increase in the delinquent balance, although the rate slightly moderated to 4% due to the overall increase in credit granted.
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