Being addicted to debt is a growing problem for our society. An easily available and constantly expanding offer of banks and loan companies encourages consumers to incur further liabilities. What are the most common reasons for that? Consumerism and the desire to have things that we do not need at all in order to live. This is especially noticeable among younger generations for whom taking out loans is the fastest way to get extra cash. According to data from the National Debt Register, as much as 75 per cent of Poles have taken at least one loan or credit. What if we do not have the possibility to repay the loan with current funds? LOANDO Group commented on this topic in a piece for brief.pl.
More and more often we can hear about loan dependence and the spiral of debt. In this case, not only the person addicted to borrowing is suffering, but also their relatives who, in order to help with financial problems, often cover the costs of repaying the debt. What are other ways to help such a person? One of the methods is undoubtedly a therapy session with a specialist. You can also consider more radical measures, such as incapacitation or declaring bankruptcy, but these processes are very time-consuming. The most important thing, however, is to keep a cool head and make reasonable financial decisions as well as to take care of the financial education of the youngest consumers from their youngest age.
Krzysztof Przybysz, LOANDO Group CEO, commented: If we teach people the basic economic principles when they are at a young age, there is a real chance to reduce the risk of such unpleasant situations as falling into debt. Good financial practices and learning to wisely manage your money starting from your pocket money will result in more informed consumers in the future. You need to make people aware of how important it is to get to know the market before making use of the available services. A consumer who chooses a more attractive offer will not be as affected in the process of repaying the debt. This is the reason, why companies such as our financial product comparison engine, are being created.