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Italians are increasingly in debt, and the high cost of living is the reason

Italians are increasingly in debt, and the high cost of living is the reason

As the cost of living rises, family indebtedness is constantly increasing. According to Asutenti, the average debt per citizen will reach 9,949 euros in 2023, while per family unit will reach 22,674 euros, which increases the risk of usury. Inflation in the biennium 2022/2023 will result in an overall hit of €4,165 per household: for example, a €150,000 variable rate mortgage will cost almost €4,400 per year compared to 2021. From 12 to 14 December, the Consumers, authorities and institutions are in Pietrarsa (Naples) for Expo 2023, in order to find solutions for the future of the economy. To face inflation and the increase in mortgage interest rates, Italians reduced their savings, with their propensity to save, which, according to Istat statistics, decreased by -3.6% in the first six months of 2023 compared to the same period in 2022. They turned to loans and microfinance. Also to cover daily expenses. At the end of 2023, the value of consumer loans, according to Astuente, will reach 160 billion euros in Italy, with a growth of +220% compared to what it was 20 years ago, taking into account that at the end of 2002 the volume of debts for the purchase of goods and services was less than 50%. One billion euros.
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