According to a survey conducted in August by Norstat on behalf of the collection company GS Core, 24% of Estonians have had to take out a loan to cover their daily expenses in the past year, while the figure was only 19% a year earlier. Euro banknotes. Illustrative photo. Photo: Pexels
According to a survey conducted in August by Norstat on behalf of the collection company GS Core, 24% of Estonians have had to take out a loan to cover their daily expenses in the past year, while the figure was only 19% a year earlier.
The survey found that 84% of respondents felt that their purchasing power had decreased over the past year, and more than half admitted that they had become more careful about their spending. “The percentage of people who have had to give up a lot over the past year has increased by more than 10% over the year and now amounts to 28% of all respondents,” said Sofia Kirsimaa, head of debt production company GS Core, adding that the number of those who have difficulty paying their bills on time has also increased over the past year.
The survey found that last year, every fifth person in the country missed a bill payment deadline at least once due to a lack of funds, and more than half of them were late with payments more than once. "The fact that almost a quarter of people had to take out a loan for everyday expenses is definitely not a good sign. The situation is even more serious for 5% of all respondents, as they say they have difficulty repaying loans taken out to cover everyday expenses," said Sofia Kirsimaa.
According to Kirsimaa, in the current situation, people's economic uncertainty is increasing, and a significant number of survey participants fear that they will not be able to meet their financial obligations in the coming year. The survey showed that a quarter of respondents think or are even sure that they will face financial difficulties in the coming year.
OÜ GS Core provides collection services, purchases debt portfolios and collects debts both out of court and in court. GS Core belongs to the Swedish financial group Marginalen AB, which with its subsidiaries in Estonia, Lithuania and Latvia is one of the leading service providers in the entire Baltic region.