One in four people in Spain in debt due to the Covid-19 pandemic

Almost a quarter of people in Spain are in debt due to the Covid-19 pandemic, according to new consumer report.

THE economic uncertainty caused by the health crisis has had a huge impact on the financial well-being of Spaniards and expats, with 24 per cent having borrowed money during confinement or reached their credit card limit in order to pay bills.

And this is without taking into account mortgage payments, reveals the ‘European Report on Consumer Payments’ prepared by Intrum.

A breakdown of the study shows the average person who has found themselves in debt is between 45 and 54 years, and their employment has been directly affected leading to a considerable drop in income.

And of the population aged 65 and over, 21 per cent have had to borrow to make ends meet.