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Living on credit is more common

NEARLY every second person in Slovakia says that they are now able to pay for some items via instalments. This is one of the results of a survey conducted by the 2muse agency for VÚB bank last October. When discussing the survey, 2muse research director Michal Višinský said that in spite of the difficult economic situation, living on credit is becoming more common in Slovakia, although this has been a slow and gradual shift, the SITA newswire wrote on February 8.

NEARLY every second person in Slovakia says that they are now able to pay for some items via instalments. This is one of the results of a survey conducted by the 2muse agency for VÚB bank last October. When discussing the survey, 2muse research director Michal Višinský said that in spite of the difficult economic situation, living on credit is becoming more common in Slovakia, although this has been a slow and gradual shift, the SITA newswire wrote on February 8.

The survey showed that when people need to buy something for which they do not immediately have enough money, they first try to borrow money from their relatives. If that fails, they look into the possibility of overdrawing their accounts or purchasing the item in instalments. Only then do they begin to consider taking out a bank loan.

The survey also showed that the finances of every third Slovak are in the red each month, either due to credit card use or from overdrawing an account. Many Slovaks feel that they do not have enough money to obtain everything they want, but only every fifth Slovak would take out a loan to satisfy his or her wants.

The most commonly cited reason among Slovaks for taking out a bank loan is to reconstruct or purchase furniture or appliances for an apartment or house.

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Topic: Finances and Advisory


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