More and more Bulgarians resort to quick loans to buy goods or services

More and more Bulgarians resort to quick loans to buy goods or services, rather than financing an urgent need. This shows the analysis of economists Stoyan Panchev and Stoyne Vassilev, which they presented in the studio of "The Day Begins on Sunday". Thus, if 7 years ago this type of loans were used mainly to buy food and medical treatment, now quick loans are used to finance vacations, purchase of equipment and others. The scissors of inequality continue to open wider.

According to BNB statistics for the first six months of the year, households have taken out quick loans amounting to BGN 4.1 billion, which is more than 19% more than last year.

Stoyan Panchev, economist: "If we use quick loans we will certainly need more money now than three years ago We have had almost a 30% increase in prices during this period of high inflation."

Stoyne Vassilev, financial consultant: "One factor, the increase in credits also says that we are more optimistic, we expect higher incomes in the future. I notice that unlike seven or eight years ago when a lot of quick loans were taken out until next payday. When we didn't have the opportunity. Now they are mainly being taken out for consumer purposes."

Although wages as well as prices have increased at a high rate in recent years, the value added created in the economy has not increased at the same rate. According to the latest NSI data, GDP increased by 0.6% in real terms in the first quarter of the year.

The number of people employed in the economy is over 3 million and 500 thousand, with a large part of them employed in the services sector. However, industry is the sector that brings more added value per hour worked - BGN 36,40. By comparison, in agriculture the value added per hour worked is 6,60 BGN. The gap between rich and poor keeps growing.

Stoyan Panchev, economist: "Working Bulgarians are getting richer, they are getting higher income - since 2006 we have received almost 100% increase in real income. But this is mainly focused on people who work. Those who are unemployed, pensioners are lagging behind."

According to the economist, it is logical that our country, in addition to curbing inflation, should also think about bringing the incomes of Bulgarians closer to those of people in the euro area.

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