Czechs borrowing more, borrowing less

Czechs borrowing more, borrowing less

Published at: 2018-02-22 09:02 | Author: CIJ Journal
A study by the Czech Banking Association has found that 28 percent of Czechs who borrow money are doing it in a risky manner, taking loans from non-banking companies or straight from retailers. Hospodářské noviny writes that the study found that a full 37 percent of the people took out the loan because they refuse to save money. Twenty-seven percent of all Czech are currently paying off a loan of some kind, most commonly for electronic equipment (30 percent) or appliances (24 percent). "Czechs aren't used to saving money for a specific purchase as thy were before and they're relatively more impatient," said the association's operations director Pavel Štěpánek. "That's why the most loans are for consmer goods directly from the sellers. Many consumers have two or more loans, which naturally increases the risk of insolvency and the need to consolidate their loans."

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