Polish consumers moving toward American-style debt levels

Over the first nine months of 2004 it increased by zł.10 billion. Households' liabilities over the last 12 months grew by 14% (nearly zł.14 billion), amounting to zł.112.6 billion at the end of September. Financial intermediaries and banks that offer auto loans and housing mortgages have posted a record growth in credit. In particular, Lukas, Żagiel, Cetelem and Dom Finansowy QS, increased their borrowing levels by 26% this year compared to the same period in 2003. According to banking experts, the tendency to obtain bank credits will keep on growing. One of the reasons is that banks are widening their credit offering. Another is that the public is becoming increasingly optimistic in its evaluation of the economic situation in the country. (Rzeczpospolita, pp. A1, B1) A.F.