Young Argentines' Debt Crisis Tests Milei's Support
Young Argentines are facing a mounting household debt crisis, which presents a major hurdle for President Javier Milei, who had strong backing from this demographic in his election. According to the Centre for City Studies, a non-profit that examines debt data from the central bank, almost half of Argentina's population of 45 million is in debt, with more than 5 million unable to keep up with payments. The highest delinquency rate, at 37.6%, is among borrowers under 25. Martin Taborda, an 18-year-old law student, exemplifies this struggle: he's jobless and carries US$1,300 in debt, making it tough to meet basic needs. After borrowing just over US$100 for school in 2024, his debt skyrocketed due to interest. This economic turmoil could help the fragmented opposition win over dissatisfied voters as the next presidential election approaches.
Key facts
- Nearly half of Argentina's 45 million people owe money.
- More than 5 million Argentines are behind on payments.
- Borrowers under 25 have the highest delinquency rate at 37.6%.
- Martin Taborda, 18, is a law student at University of Buenos Aires.
- Taborda is unemployed and US$1,300 in debt.
- He borrowed over US$100 via a mobile payment app in 2024.
- His debt swelled tenfold due to interest.
- The crisis tests support for President Javier Milei among young voters.
Entities
Institutions
- University of Buenos Aires
- Centre for City Studies
Locations
- Argentina
- Buenos Aires