Household debt remains high at €30k

The average Irish household owes over €30,000 — making Ireland the fourth most indebted country in the EU, the Central Bank has found.

In its latest Household Credit Market Report, the watchdog said Irish household debt continues to fall, but is behind only Denmark, Holland, and Sweden compared to the rest of Europe, owing €30,199.

Debt continues to be paid off, however, with almost €4bn paid off in the last quarter of 2016 to leave the overall figure just under €144bn. Irish household debt has declined in every quarter since its peak of almost €204bn during the third quarter of 2008. Debt has now fallen by 29% since the peak.