Debt piles up for young Argentines, testing support for President Milei

In Buenos Aires, Argentina, on Thursday, August 20, 2026, demonstrators gathered outside the Economy Ministry with their hands tied, pleading for the government to address a household debt crisis. Among those affected is 18-year-old Martín Taborda, who began studying law at the prestigious University of Buenos Aires in the hope of becoming the first in his family to graduate.

Now, unemployed and burdened with $1,300 in debt, he can no longer afford the bus fare to reach university or the textbooks required for his studies, despite the tuition-free university having once helped countless Argentines rise into the middle class.

The Center for City Studies, an Argentine nonprofit organization, reports that nearly half of Argentina's 45 million people owe money, and over 5 million are currently behind on payments. Borrowers under the age of 25 have the highest delinquency rate of any age group, at 37.6%. Martín Taborda borrowed the equivalent of just over $100 through a mobile payment app in 2024 for education expenses.

That small amount quickly ballooned to ten times its initial value due to accrued interest on missed payments. As a result, he is now forced to rely on others, feeling like a "parasite."

The escalating household debt due to the country's economic struggles is putting pressure on President Javier Milei among the young Argentines who helped elect him. These young voters, who supported Milei in the election, are now increasingly looking beyond his success in controlling inflation to more pressing concerns about employment and wages.

In response, opposition lawmakers have called for a special session of Congress on Wednesday to consider interest-rate caps and other measures aimed at helping Argentines renegotiate their debts. Labor unions and debtors have also announced plans to protest outside the building where the debate will take place, highlighting the potential for the opposition to rally disillusioned voters ahead of next year's presidential election.