As the global financial crisis takes its toll on nations around the globe, Spanish businesses and consumers are finding it harder to pay off debt, forcing Spain’s deliquent loan rate to a 12-year high.

Bad loans rose by over 9 billion Euros to 68.18 billion euros in January compared to an average monthly rise of around 5 billion in the previous six months.

According to data published by the Bank of Spain Monday, the non-performing loans (NPL) ratio has increased to over 3% for the third consecutive month.