Bulgaria's New Debtors – Young Adults With No Stable Income

Business | March 12, 2014, Wednesday // 17:27
Bulgaria: Bulgaria's New Debtors – Young Adults With No Stable Income File photo

The new debtors in Bulgaria are mostly young people who draw fast credits for electronic gadgets and don't pay them back.

According to the Association of collector agencies in Bulgaria, the profile of default debtors has shifted from the middle-aged men who in 2007-2008 drew large credits for cars and homes to young adults in their early 20's with no stable incomes who want to buy consumer electronics, but cannot afford it and don't pay back the loans. 

“They want it all and they want it fast”, Borislav Hristov of the Association, quoted by the Darik national radio. “They want the expensive parties, the expensive trips and the most high end consumer electronics.” 

According to the collection companies the youth draw loans for BGN 400 to 1500 to buy symbols of status, whereas previously people were buying home appliances. About 15% of those new fast credits are default.    

“There is a new trend emerging – grandparents paying off the credits of their grand children,” Hristov said.

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

Business » Be a reporter: Write and send your article
Tags: default, loan, fast credit, income, debtor, electronic, symbols of status
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