Household debt has fallen to a 14-year low as increased disposable income is being used to pay down mortgages and credit card bills. The Central Bank’s latest quarterly accounts for Ireland find that household debt fell by €176m in the third quarter of 2019 to €135bn, a level last seen in mid-2005. By contrast, the bank found, our average net worth continues to test new heights, driven by investment and property gains. It said the level of household debt as a proportion of disposable income fell by 1.6 points to 115pc. Households reduced new investment in insurance and pension schemes, which fell by €148m over the quarter to €657m.

Source: Irish Independent February 07, 2020 16:52 UTC