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The percentage of income that Spanish families spend annually to pay their debt service stands at 11.6%, reaching the lowest level since 1999

The total debt of Spanish households is equal to 99.4% of their gross disposable income, which represents a reduction in over 30 points in the gap that existed ten years ago with the euro area. The percentage of income that Spanish families spend to pay their debt service (annual payment of interest and principal due on an existing debt) stands at 11.6%, a level below the lowest that was recorded at the beginning of the century and 7.3 percentage points less than the maximum level which was reached in 2008. Although this severe deleveraging process, along with a sharp drop in interest rates, make Spanish families less economically vulnerable, their debt levels are still higher than the European average.