Argentina’s credit crisis leaves nearly 7 million people unable to borrow

A private analysis by consultancy 1816, based on the Central de Deudores data from the Argentine Central Bank, shows that family‑loan morosity rose to 12.7 % in May 2026 – the 19th consecutive month of increase. The surge has pushed roughly 7 million Argentines out of the credit system, meaning they can no longer obtain new bank or non‑bank loans.

Youth are hardest hit: about four in ten borrowers under 35 are in arrears, with a 42.8 % delinquency rate among 18‑ to 25‑year‑olds. In the non‑bank sector (fintech, virtual wallets, consumer finance) delinquency reached 32.2 %, more than three times the level a year and a half earlier. Overall, 27 % of loan holders have lost “credit‑worthy” status.

Banks public‑sector entities kept lending relatively stable, while private banks sharply cut new credit in early 2026. Analysts note that credit’s share of GDP is modest, so the shock may not derail growth, but the loss of purchasing power for millions raises concerns for consumption and social stability. The government has warned that a future “more selective, healthy and sustainable” credit cycle will likely limit access to borrowers with higher income.

The report warns that the upcoming seasonal bonus (aguinaldo) could temporarily ease arrears, but the longer‑term outlook remains uncertain as the economy grapples with high inflation and reduced household income.