Almost One in Three Bulgarians Cannot Pay All their Bills

Business » FINANCE | August 23, 2022, Tuesday // 07:13
Bulgaria: Almost One in Three Bulgarians Cannot Pay All their Bills

Almost every third Bulgarian cannot pay all their bills. This is according to a Eurofund study done in the spring. People encounter the most serious difficulties in the entire European Union, including in Bulgaria, with the payment of their household bills.

According to the survey conducted in the spring, 27 percent of people in Bulgaria are already having difficulty paying their bills. On a European scale, the indebtedness of citizens is also growing. The biggest growth in liabilities is for household bills, where incorrect payers have increased by 5 percent in just two years.

And the growth in the price of energy sources is expected to deepen this trend. There is also growth in non-serviced consumer loans, and debtors to telecoms have increased by two percent. In terms of rents and mortgage payments, there is no increase in debtors on a European scale, but in our country the updating of rents in view of growing inflation is more and more clearly felt. And it’s not only for them.

Here's what the residents of the capital have to say about how they manage their expenses:

"At the moment I am not in arrears, but it struck me that the balance bill for ‘Toplofikatsia Sofia’ (Heating Systems Sofia) is quite high, over BGN 750. - Have you had to give up some things lately? - Yes, I am already thinking about what expenses I am making".

"I'm having a lot of difficulties, all the bills have gone up a lot and it's very difficult. - Which is the most difficult for you? - With the electricity and the water. And now when I look at the balance bills for the heating, I just don't know how I'm going to get there. I guess I'll have to start two jobs to make it."

Besides finding a second job and cutting costs, however, there is another option to maintain our standard of living in the face of ever-increasing inflation. And it is to actively manage our income, however limited it may be.

"They are used to spending everything they make. But it should be known that even with the few funds made, 10 percent is saved for rainy days, and what's more - if they find a place for this money and invest it in something that can help them gave greater returns in the long term, they can achieve their prices and beat inflation in the long term," said Georgi Georgiev, portfolio manager.

It is not about investments in properties and deposits, experts add. And as the worst option for dealing with a critical financial situation is a quick loan, they are also categorical.

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