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Slovaks borrowed millions of euros for Christmas

Bank clients borrow money mostly in November.

Illustrative stock photo(Source: SME)

The Christmas season starts in banks already in November when the interest in consumer loans increases. Slovaks borrow money to finance the holidays, the Hospodárske Noviny daily reported.

While in November people take loans in higher amounts, in December they use mostly payment cards.

In November 2016, Slovaks took out consumer loans amounting to altogether €326 million, which is €50 million more than the previous month. In annual terms, the amount rose by €83 million, or one-quarter compared to last year.

Though the National Bank of Slovakia has not processed the data for December yet, the month is usually weaker than November as the shopping fever attenuates after Christmas. Moreover, people want to get money in November so they can spend it in December, Hospodárske Noviny wrote.

“It is a yearly trend that the volume of new consumer loans drops in December by about 10 percent compared to November,” said Maroš Ovčarik, head of the Finančný Kompas website, as quoted by Hospodárske Noviny.

Several Slovak banks confirmed to the daily that their clients borrowed more before Christmas, while the sum was also higher than last year.

The banks also said that Slovaks used mostly their payment cards when paying for purchases shortly before Christmas.

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