In the COVID crisis, people over the age of 60, especially women, pay their arrears most often and regularly. This shows a study “The Good Payer” of one of the largest debt buying companies in Europe. It is made on the basis of data from over 490 thousand liabilities of individuals in Bulgaria throughout 2020.
It is interesting that the youngest – 20-24 year olds – perform significantly better than the previous year. The next age group – 25-29 year olds, maintain a high level of service of their obligations for the second year in a row.
Unlike the previous study, middle-aged people now have more difficulty repaying their debts regularly. The more negative trend is striking among customers between the ages of 30 and 45, who seem to have felt the effects of the crisis the most.
Expected last year the habits and profile of the people in Bulgaria regarding the payment of debts have also changedwho have already expired once. The number of people who want to start regular repayment of these debts is increasing.
The company forecasts that there will be significant volumes of non-performing loans, which will be announced for sale this year and next.
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“With the expiration of the moratorium on loan payments and the termination of state guarantee schemes in support of businesses and households, we will see a strong increase in overdue loans. Our group expects increased market activity later this year and next, ”commented Eric Jonsen, CEO of B2Holding, at a debt redemption forum.
20% of people will not be able to service their loans
In Europe, as of December 2020, loans subject to a moratorium or part of state guarantee schemes are worth 660 billion euros, according to the European Banking Authority. In Bulgaria, as of March 2021, the loans under the moratorium are nearly BGN 9 billion, according to BNB data.
This picture is expected to change and a large volume of problem loans to be offered on the market later this year and next.
According to BNB data, as of the end of March 2021, non-performing bank loans in Bulgaria amounted to BGN 5.7 billion or 7.1% of all loans.
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For comparison – at the end of March 2020 the share of the same was 8%. Only the companies account for BGN 3.7 billion or 9.6% of all loans to non-financial corporations. After a difficult 2020, the main reason for fewer overdue loans is the credit moratorium, which has benefited many bank customers, as well as the more restrictive lending policy applied last year.
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