Some 65% of Colombian households claim that one or more of their family members are in debt, the highest percentage in Latin America, according to local media.
The figure, which was published in a study by private firm Kantar Worldpanel called “Rising Latinos,” is down from last year’s number in which 69% of Colombian households were in debt, according to newspaper El Tiempo.
Chile was second on this year’s list with 63% of households claiming some type of debt, while Venezuela had the least amount of homes in debt at just 17%. The numbers are based on information obtained from 6,704 families in 15 Latin American countries.
David Fiss, the business director of the firm, said that 17% percent of Colombians have gone into debt to purchase home appliances and another 11% for other home articles. Some 13% took out loans for their education, with 12% going into debt to buy clothes.
According to the Banking Association of Colombia, around 15 million Colombians are in debt due to home loans, consumer credit, or micro-credit.
Most Colombian households in the firm’s study — 62% — said their situation had improved compared to five years ago, even though only 20% of Colombians think the country is improving.
In contrast, less than half of the Latin Americans consulted — 45% — thought their situation had improved over the last five years.
- Colombianos, los más endeudados de Latinoamérica (El Tiempo)