Argentines debt with digital wallets hits an all-time high as irrecoverable loans double in 2025

The financial health of Argentine households has reached a critical stage, as debt to digital wallets has hit a new record. According to a new study from consulting firm EcoGo based on data from the Argentine Central Bank (BCRA) up to November 2025, the average family allocated 33% of its income to repaying virtual wallet balances and non-bank loans.  It’s a new all-time high, with the numbers growing nonstop since March 2025. The picture becomes even more worrisome when one includes debt to traditional banking, which takes the total figure to 140% of the average household’s monthly income.  EcoGo’s analysis also showed that “irrecoverable” credit — that which has remained unpaid for over a year — has jumped from 2,6% to 6,4% in the last 12 months.  According to the figures from 2025, over 21% of all digital wallet loans exhibited some form of payment irregularity, triple what they were in the previous year. It amounts to AR$2,7 trillion (US$1,8 billion) in uncollected funds. “Many people who have access to formal credit cannot make ends meet and use alternative mechanisms. In recent years, installments were offset by inflation, but now they are no longer offset,” explained EcoGo director Marina Dal Poggetto. Traditional banks aren’t immune to the phenomenon, though it hits them to a lesser extent due to automatic debit collection. Forfeits on personal loans climbed to an unprecedented 11%, while credit card debt reached 8.4%, a sixfold increase from 2024. The rise in household debt was driven, among other factors, by the growth in interest rates experienced in the months leading up to the October mid-term elections, amidst a run on the currency and the dollarization of savings.  There was also a marked increase in the amount of credit demanded by both individuals and businesses during 2025. With information from Ámbito