Bulgarians most often postpone paying cable TV (65%), central heating (60%) and water (55%) bills.

Every fifth default is on a vehicle lease, a consumer loan or a credit card, while the smallest share of overdue payments is on home loans and electricity bills.

The trends were outlined in a survey carried out by the association of debt collectors in Bulgaria, which was published on Tuesday.

"The main reason for the situation with mortgage payments is the famous attachment of Bulgarians to their homes," says Dimitrinka Grinko, Director at Cycle Credit BG.

She attributes the low percentage of overdue power bills to the fact that companies in the sector are quick to cut off power supply to defaulting customers.

Debt collection agencies claim that a substantial share of the problems arise from the lack of information, with every fifth default caused by the absence of a basic financial culture.

24% of Bulgarians fail to pay their bills on time over unforeseen eventualities such as the loss of a job, health issues, loss of work capability, or an accident in the family.

As much as 35% of the overdue payments are caused by omissions of Bulgarians traveling abroad.

At the same time, 8% of Bulgarians do not read the contracts they sign and fail to grasp the essence of the financial products they commit to, for instance credit cards.

6% of defaulters refuse to "give money to monopolies", while 12% do not know how to terminate their relations with the creditor.

The average debtor is a 41 to 50-year-old worker, has a family, and lives in Northwestern Bulgaria or in Danube city of Ruse, according to the survey.

The growing debts of citizens and companies are forcing many businesses into bankruptcy.

"We expect around 350 companies to go bankrupt this year, which constitutes a 40% year-on-year increase", Ivaylo Toskov from Coface Bulgaria predicts.

The 40% spike in bankruptcies in 2011 comes against a backdrop of a 22% increase in 2010 and an 18% increase in 2009.

According to Coface Bulgaria, the most vulnerable sectors are trade, construction, and industry.

Intercompany indebtedness registers a 20% year-on-year increase in 2011 and the delay period grows to 105 days, compared to 78 days in 2010.

Debt collecting agencies have increased sixfold to a total of 60-65 as a result of the crisis.

Despite the huge workload and the higher turnover, profits made by such companies are dropping because debt collection is getting slower and more difficult, according to Rayna Mitkova-Todorova, Managing Director at the Bulgarian branch of EOS Matrix.