The financial condition of Argentine households has entered a pivotal phase, with debt to digital wallets attaining unprecedented levels. A recent study utilizing data from the Argentine Central Bank through November 2025, reveals that the typical family dedicates 33% of its income to the repayment of virtual wallet balances and non-bank loans. The figures have reached a new all-time high, exhibiting continuous growth since March 2025. The situation grows increasingly concerning when factoring in debt to traditional banking, elevating the cumulative total to 140% of the average household’s monthly income. Analysis also indicated that “irrecoverable” credit — that which has remained unpaid for over a year — has increased from 2.6% to 6.4% in the last 12 months.
Data from 2025 indicates that more than 21% of all digital wallet loans displayed some type of payment irregularity, a figure that has tripled compared to the previous year. The total stands at AR$2.7 trillion in uncollected funds, equivalent to US$1.8 billion. Many individuals with access to formal credit find themselves unable to meet their financial obligations and resort to alternative mechanisms. “In recent years, installments were offset by inflation, but now they are no longer offset,” explained Marina Dal Poggetto.
Traditional banks are not exempt from this phenomenon, although its impact on them is somewhat mitigated by the use of automatic debit collection. Forfeits on personal loans have surged to an unprecedented 11%, while credit card debt has escalated to 8.4%, marking a sixfold increase since 2024.
The increase in household debt was influenced, among other elements, by the escalation of interest rates observed in the months preceding the October mid-term elections, in the context of a currency run and the dollarization of savings. In 2025, a significant rise was observed in the demand for credit from both individuals and businesses.