Monday 21 April 2014

Central Bank: Drop in total household debt but double that of disposable income

THE total amount owed by households in Ireland has dropped to the lowest level since late 2008, according to new data from the Central Bank.

Household debt fell to €176.9bn at the end of September from €203.6bn at the end of 2008, according to figures just released.

Even with that big drop the debts of households across the country are still more than double the total amount of disposable income.

Irish families have repaid €27bn of debt over the past four years, and the amount of new loans being taken out has dwindled.

New lending to Irish households fell by 3.9pc December, with lending to buy houses 1.6pc down on the same time a year earlier.

Overall lending to households fell by €372m in December, but just €4m of that was a decline mortgage lending, according to the Central Bank figures..

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