Majority of Bulgarians Wary of Bank Loans - Poll

Business » FINANCE | November 25, 2013, Monday // 15:49
Majority of Bulgarians Wary of Bank Loans – Poll: Majority of Bulgarians Wary of Bank Loans - Poll Bulgarians are cagey about bank loans, a recent poll shows, file photo

Over 58% of all Bulgarians would never take a bank loan regardless of its terms, according to a recent study.

The poll has been conducted by the Institute for Economic Research at the Bulgarian Academy of Sciences (BAS) among 1 000 Bulgarians of voting age between August 1 and September 10, 2013.

Up to 75% of the respondents have said bank interest ratees and fees are too high, while 84% state at the same time that they can no longer slate money for savings.

The share of default loans of Bulgarian households is 19-20% in 2013, compared to just 5-6% in 2009.

30% of the "bad loans" are in Sofia and 42% - in regional cities.

The overall trend is for Bulgarians to delay consumer expenses; try to save as much as they can; repay old debt, and steer away from new loans, which makes bank crediting a shrinking factor for economic growth, according to experts.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: BAS, Bulgarian Academy of Sciences, Institute for Economic Research, interest rates, credit, savings, default loans, bad loans, poll, bank loans, Bulgarians
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria