Mortgage debt down for sixth consecutive month

The amount of debt outstanding on residential mortgages in Ireland has fallen for the sixth consecutive month, according to the latest statistics from the Central Bank.

The bank says the total money owed on residential mortgages, which account for 85% of household debt in Ireland, declined by €14m to €148bn during September.

Outstanding debt on personal credit cards increased slightly last month, but the amount of new credit-card spending has fallen almost 15% in the 12 months to September.

Meanwhile, the overall debt owed by private individuals and businesses in Ireland fell by €4.4bn in September, largely due to exchange-rate movements and write-downs of bad loans.