Every fifth household has a debt problem

Poles are eager to use financial products such as loans, credits or installment purchases. Data from the Wisechoice Bank for the past year show that the sum of all financial liabilities of Poles has already exceeded $ 700 billion.

The KPF report, which analyzed the situation on the consumer finance market (data for Q3 2018) shows that the majority of consumers do not have problems with the ongoing servicing of credit obligations – 74.5% of respondents’ responses.

However, according to KPF statistics, some households struggle with problems and wonder how to get out of debt. One way to deal with your backlog is to carefully analyze your budget and tighten your belt or loan for those in debt. Why do we have problems with our finances?

It turns out that the main cause of Poles’ financial backlog is … forgetfulness.

The report shows that:

  1. more than 19% of respondents admit that they repay liabilities with minor problems,
  2. over 5% declare that they do it with big problems, but the repayment delay does not exceed 6 months,
  3. 0.6% of respondents admit to late payment for more than half a year.

Causes of Poles’ financial problems

financial problem

In the Commission’s study, the respondents were asked about the source of their problems:

  • 56.5% of respondents indicated reckless contracting of obligations and lack of planning of expenses and income,
  • more than 14% of respondents cited random accidents (eg job loss or illness) as the cause of their problems,
  • 7.6% – not paying attention to the timeliness of settling financial settlements.

 

No liabilities paid – for what does the statistical Kowalski have to give back the money?

No liabilities paid - for what does the statistical Kowalski have to give back the money?

The report shows that most often we have problems paying off smaller liabilities, and their type often depends on the sex of the debtor.

Indebted men are most often in arrears with payment of maintenance (25%), payment of telephone bills (24%) and repayment of loan installments (24%).

Women, on the other hand, have problems paying back loans (42%), paying telecommunications invoices (25%), and are unable to pay back loans (15%).

In addition, both groups receive unpaid utility bills, outstanding fines or fines.

 

Careful contracting of financial obligations

financial obligations

The KPF warns that behind unpaid loans, loans, installments or simply bills lies ordinary human carelessness, which later turns into a spiral of debt.

Losing or forgetting about the invoice, providing incorrect contact details, moving house, preventing the receipt of invoices, or lack of control over expenditure by credit card are one of the main reasons for growing debts.

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