Almost one in three Bulgarians cannot Pay all their bills. This is according to a Eurofund study carried out in the spring. Citizens face the most serious difficulties throughout the European Union, including Bulgariawith the payment of their household bills.
According to the survey carried out in the spring, 27% of the inhabitants of Bulgaria are already struggling to pay their bills. On a European scale, the indebtedness of citizens is also increasing. The strongest growth in liabilities concerns households billswhere bad payers have increased by 5% in just two years.
And the growth in the price of energy sources should deepen this trend. There is also growth in unmanaged consumer loans and telecom receivables increased by 2%. In terms of rents and mortgage payments, there is no increase in debtors on a European scale, but in our country the updating of rents in the face of rising inflation is increasingly felt. And it’s not just for them.
Here’s what residents of the capital have to say about how they manage their spending:
“At the moment I have no arrears, but I was struck by the fact that the balance of ‘Toplofikatsia Sofia’ (Sofia Heating Systems) is quite high, over 750 BGN. – Have you had to give up some things recently? – Yes, I am already thinking about the expenses I make“.
“I have a lot of difficulties, all the bills have increased a lot and it is very difficult. – What is the most difficult for you? – With electricity and water. And now when I look at the balance bills for heating, I don’t know how I’m going to get there. Guess I’ll have to start two jobs to make it.”
Besides finding a second job and cutting costs, there is another option to maintain our standard of living in the face of ever-increasing inflation. And that is to actively manage our income, however limited it may be.
“They are used to spending everything they earn. But you should know that even with the few funds fact, 10% is saved for rainy days, and more – if they find a place for that money and invest it in something that can help them get better returns in the long run, they can achieve their prices and beat inflation in the long run“said Georgi Georgiev, portfolio manager.
It is not about investments in properties and deposits, add the experts. And since the worst option for dealing with a critical financial situation is a quick loan, they are also adamant.
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