While Javier Milei prepares to sing in Mar del Plata, families are carding, taking out loans to survive, in most cases going into debt to eat. Salaries are not enough to make ends meet and the Government steps on the parity. The other side is the accelerated increase in family delinquencies, which in November reached a new historical record, reaching 8.8%, according to data from the Central Bank. 13 months of uninterrupted increase have passed.
When looking in detail at the Central Bank data it can be seen that In November, 11% of personal loans and 9.2% of credit cards were in irregular payment. Irregularity in credits rose from 4.2% in November 2023 to 11% in November 2025. In the case of card arrears it jumped from 1.7% to 9.2% in the same period, that is, under the Milei government.
The November data is the highest in the series published by the monetary authority since 2010 and delinquencies are growing at a worrying speed like that seen in 2021 with the pandemic.
These numbers only reflect the default of families in the financial system (banks), but according to consulting firms this increase is also observed in non-banking entities. In popular neighborhoods the situation is more serious since households turn to neighborhood lenders who charge higher interest rates than credit cards.
The indebtedness of families is explained by the deterioration of living conditions that the Milei and Caputo measures caused: the loss of purchasing power, and the government’s insistence on keeping parities frozen, an increase in the cost of living, layoffs and precarious jobs. And now the Government intends to sell that the labor reform will generate new jobs when what is already happening is the increase in informal employment. A project that only proposes employer benefits and sweeps away labor rights.
Stagnant wages
The Government is pressing so that the joint ventures do not exceed 1% per month as seen in the negotiations these days with the UTA for bus drivers or in other unions they have been frozen for months when inflation approaches 3% as December showed.
The purchasing power of the salary did not recover everything lost in the Milei era. The private registered workers that they have parity and the possibility of recovering some of what was lost are still behind 2023. According to Indec, the purchasing power of private registered workers fell 1.2% in November 2025 in relation to November 2023, and is still 24.5% below 2015 (November 2025 versus October 2015).
The chainsaw advanced over the state workers with salary cuts and layoffs. In the registered public sector, purchasing power sank 15.5% during the Milei government (November 2025 versus November 2023). The collapse in relation to 2015 is 40.1%. If you put the magnifying glass on state workers: Under this Government the salaries of workers in the national public sector plummeted by 34.1%and in the case of provincial workers the drop was 7.8%. A witness case is the Garrahan Hospital workers who broke the salary ceiling and fought in defense of public health.
Union leaders are complicit in wage adjustment. An elementary measure against this looting is an emergency increase in salaries, pensions and social programs to recover what was lost. This includes requiring a minimum wage that is equivalent to the cost of the basic family basket (the Internal Board of ATE Indec estimated a minimum consumption basket in December of $2,136,860) and that it is automatically adjusted according to inflation.
The nationalization of the banking system into a single state bank, managed by its workerswould allow, among other things, that national savings be used to create cheap credit so that families do not resort to loan sharks or to access housing, or for small merchants hit by the crisis.
Source: www.laizquierdadiario.com
