Bulgarians Abroad Massively Taking Credits for Compatriots Back HomeFinance | October 10, 2011, Monday // 10:52| views
Bulgarians working abroad are often taking credits with the intention to pass them to family members in their home country, a media report has revealed.
The reason is that credit interests in Europe and in the US are far more favorable than in the Balkan country, the local Standard daily has pointed out.
The average mortgage interest Greece is about 4%, while it is 7.92%, the Bulgarian National Bank says, according to the paper. The difference is even bigger when it comes to consumer credits, ranging from an average of 5.7% in Europe and 12.96% in Bulgaria.
That is why Bulgarians often rely on friends or family members living abroad to secure themselves more favorable credits.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!