According to data based on statistics from the Central Bank of the Argentine Republic, the delinquency in virtual wallets arrived at 29.9% in Februarywith an increase of more than two points compared to January and a jump that triples the values recorded a year and a half ago.
The indebtedness of Argentine families through virtual wallets continues to grow and has already reached historical levels in Argentina.
The deterioration in payment capacity is not limited to the digital ecosystem. In traditional banks, family defaults also showed an increase, going from 10.6% to 11.2% in the same period, the highest level since 2004. This behavior reflects a structural problem of the financial systemwhich goes through different financing channels and begins to raise red flags.
In the case of companies, the increase is more moderate but equally consistent. Defaults went from 2.8% to 2.9%, while the private sector total increased from 6.4% to 6.7%. Although the numbers are smaller compared to households, the trend confirms that The increase in bad debts extends to the entire economy.
The report of Banco Central rules out that this situation responds to specific credit policies and defines it as a macroeconomic phenomenon. In 28 of the 30 banks analyzed, an increase in loans with arrears was recorded, which shows that the problem is widespread and sustained over time. Within this scenario, Mercado Pago is located in an intermediate position, with an irregularity of 14.7%, closer to traditional banking than to other non-banking financial institutions, although also impacted by the growing trend.
One of the central factors behind this scenario is the level of interest rates. Personal loans continue in high valuesespecially in loans granted to families and by non-financial entities. At the beginning of April, the Annual Nominal Rate is around 70%, which implies an Annual Effective Rate close to 100%, without considering the total financial cost that adds commissions, insurance and taxes and significantly increases the debt burden.
With this panorama, the growth of delinquency appears as a direct consequence of a complex economic context, where access to credit is maintained but at an increasingly higher cost. The figure for virtual wallets, close to 30%, not only reflects an increasing trend, but also anticipates impacts on consumption and household financial stability if the dynamic continues in the coming months.
