Between 2005 and 2011 increased the percentage of Italians who held a debt of at least 75 thousands of euros.
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The reason is mainly due to the slowdown of debt repayment.
This slowdown has been more pronounced for families belonging to the middle and lower income groups.
The authors of the paper "The Financial Vulnerability: analysis by income class " published on the website of the Bank of Italy, Necklace Issues in Economics and Finance, have estimated that income instability increases the onset of financial difficulties.
The difficulties of families in debt repayment have consequences both for the individual is at the aggregate level.
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In fact, if for the first financial distress may cost the denial of future access to credit (see the alert Central Risk*), at the aggregate level (macroeconomic) may constitute a damage to the overall financial stability (think of the failure to return the money to the lenders).
From the data contained in the paper, shows that the latter risk has been contained thanks the high concentration of debt from income classes richest, because the new debt of that period belonged to the higher income deciles.
Alex Gaetani
*The Central Credit (CR) is an information system on the indebtedness of customers towards banks and financial companies (intermediaries). Intermediaries communicate monthly to the Bank of Italy's total loans to its customers: credits equal to or greater than 30.000 euro and non-performing loans of any amount. The Bank of Italy provides monthly intermediaries with information on the total debt to the banking system each customer reported. The data in the CR are reserved. Who wants to know their position at the Central Credit Register may apply to the branches of the Bank of Italy. For the correction of any errors in reports, You should apply directly to the intermediary (Source: Banca d'Italia).
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