Household debt decreases by €27bn

Households have reduced their debts over the past three years by more than €27bn, according to the Central Bank.

In contrast to the Government’s ballooning balance sheet, homeowners have been working hard to pay down debts they owe, reducing liabilities such as mortgages and credit card debt.

The figures were released by the Central Bank in its quarterly financial accounts for the fourth quarter of 2011.