Debt of Poles continues to grow

Despite increasing wages, falling unemployment and supplying the portfolios of many families under the 500 plus program, our debt is growing. At the end of November 2019, in the National Debt Register, the Economic Information Bureau (KRD BIG) it amounted to approx. PLN 46.3 billion and was approx. PLN 386 million, or 0.8%, higher than in December 2018.
In 2020, according to representatives of KRD BIG, faster debt recovery can be expected. Creditors will more often try to use the services of debt collection companies.
Most often, unpaid bank installments, mainly cash and installment loans, or loans taken out from loan companies lead to debt. We get loans for the purchase of home appliances and electronics, as well as home renovation and vehicle purchases.
“Higher income has recently translated into higher creditworthiness, while a large group of beneficiaries and an increase in wages and social transfers have had unsatisfied appetites for the consumption of many goods that until now were unavailable to them. Some of them indebted themselves excessively trying to catch up and thus fell into a spiral of debt. Not from poverty, but from excessive consumption,” Andrzej Kulik, director of the market analysis and communication department at KRD, explained.
(Business Insider)