Debts? How are household finances in Mexico?

Debts? How are household finances in Mexico?

Other very interesting data that the Survey has is the issue of household debts in Mexico. It is important to remember that debt should not be demonized because it is a very useful financial instrument and like any financial tool it is important to know how to use it in order to increase the wealth of families and not only in current spending. However, something important that I found is that debts in Mexico are low because 43.1% of households do not have any debt.

The data is clear, of the 20.9 million households that do have debts, they have only 1.2 million mortgage credit, of those that have a mortgage and other debts there are only 3 million and 16.7% have other debts.

And we continue with more interesting data from the Survey, 55.4% of the value of debts corresponds to mortgage credit and in second place the credit card with 11.5. The average household debt in Mexico is 83,000 pesos and the median is 13,000 pesos because they are households without a mortgage.

These data indicate that on average, from the financial point of view, households in Mexico have positive equity since debts are less than assets.

The Survey itself indicates that the level of indebtedness in households in Mexico is not high; the total debt of households as a percentage of annual income is 10%. There is a very important and relevant data, only 2.7% of people rate their debt as excessive and only 5.8% as high.

In other words, debt problems in households in Mexico are not generalized, so I can conclude that household finances in Mexico according to ENIFH data are healthy.

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