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Half of Slovak households have loans

A survey conducted by GfK agency shows that loan products have become more popular in Slovakia in recent years. Fifty percent of Slovak households have taken out some type of loan.

The survey shows that the rent-to-own system is the most popular. Around 20 percent of Slovak households are currently using this form of financing. One in six households are using bank overdraft.

Low-volume loans are the most popular. Loans for higher amounts are mainly related to housing, including buying or renovating a house or flat. One in 10 households is saving for housing purposes. Mortgage loans help to finance housing in one in 10 households.

According to GfK, younger people are more open towards loans, because they do not feel any reservations about falling into debt. The most courageous are young people aged 20 to 35, who are likely optimistic about their economic future and their ability to settle their debts.

In terms of the bank loan products on offer, Slovakia is starting to catch up with its closest neighbours, as well as countries in Western Europe.

GfK Slovakia conducted the survey between July and September of this year. It polled 2,000 people aged 15 to 79.

-SITA

Compiled by Zuzana Vilikovská from press reports
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