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Italian household debt after the 2008 crisis


Author Info

  • Silvia Magri

    (Bank of Italy)

  • Raffaella Pico

    (Bank of Italy)


After the crisis, from 2008 to 2010 the share of indebted households decreased both owing to a reduction in loan demand and stricter supply conditions. The reduction regarded mortgages and involved low-income households and the self-employed. Recourse to consumer credit remained stable; it increased for low-income households. Household debt sustainability, measured by debt as a proportion of income and assets, did not worsen; debt service for mortgages as a ratio of income decreased for low-income households. The percentage of vulnerable households i.e. those with a high debt service to income, remained unchanged from 2008 to 2010, when the sharp reduction in income was offset by a marked fall in interest rates; simulations for 2011-2012 show modest changes in this indicator. Over-indebted households i.e. those permanently unable to repay their debt, are estimated at 160,000 or 0.6 per cent of the total.

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Bibliographic Info

Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 134.

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Date of creation: Sep 2012
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Handle: RePEc:bdi:opques:qef_134_12

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Keywords: household indebtedness; financial crises; vulnerability; over-indebtedness;

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Cited by:
  1. C. Giannetti, 2014. "Time Preference Instability, Financial and Working Status," Working Papers wp924, Dipartimento Scienze Economiche, Universita' di Bologna.


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