Martín Taborda, an 18-year-old student at Argentina’s University of Buenos Aires, is facing mounting financial pressure due to accumulating debt, which has now reached $1,300. His situation reflects a growing trend in Argentina, where nearly half of the country’s 45 million people owe money, and over 5 million are behind on payments. According to the Center for City Studies, young people under 25 have the highest delinquency rate, at 37.6%. Taborda initially borrowed just over $100 through a mobile payment app in 2024 to cover education expenses, but his debt grew tenfold due to high interest rates on missed payments. He described feeling like a “parasite” because he relies on others to support him financially. This surge in household debt is now challenging the support President Javier Milei has received from young Argentines, many of whom helped elect him in 2023. As the country’s opposition looks to gain ground ahead of the 2027 presidential election, they are pushing for measures like interest-rate caps to help debtors renegotiate their loans. Opposition lawmakers have called for a special session of Congress to discuss these issues, while labor unions and debtors plan to protest outside the legislative building. This debate touches on the core of Milei’s free-market policies, which have focused on reducing inflation but are now facing criticism for not addressing rising costs and job concerns among voters. Economy Minister Luis Caputo noted that banks are offering more flexible repayment terms, but he emphasized that “we shouldn’t confuse empathy with public policy.” Since taking office in late 2023, Milei has reduced the budget deficit and brought annual inflation down from a peak of 289% in early 2024 to about 34% in July. However, cuts to subsidies for utilities and transport have caused bills to rise faster than incomes, forcing many Argentines to borrow just to meet basic needs. Digital payment apps, which require less paperwork than banks, often charge much higher interest rates—sometimes reaching triple digits—due to the increased risk they carry. The debt crisis is taking a psychological toll on Argentines, with more than 80% of adults surveyed in Buenos Aires and its suburbs in April stating that economic problems have significantly impacted their mental well-being. At an anonymous meeting of debtors, students expressed feelings of being trapped, ashamed, and increasingly powerless over their futures. Experts warn that if the debt situation continues to worsen, it could erode support for Milei among young voters, who are crucial to his chances of being reelected in 2027. Public opinion consultant Ana Iparraguirre noted that the current economic model is hitting younger Argentines harder than other age groups. Milei has largely avoided showing sympathy for those struggling, blaming the rise in delinquencies on irresponsible spending. A recent poll showed his approval rating at 33%, down from 49% in December 2025, with most respondents saying they are worse off financially than when he took office.