Analytics, Banks, Financial Services, Latvia

In 12% of cases debtors had missed the deadline for repaying loans extended by banks or leasing providers, 6% had overdue utility or other bills and 6 % had failed to return the money loaned from their relatives or friends.

The survey reveals that the biggest debtors are young people aged 18 to 29, and that 64% of respondents earning EUR 500 to EUR 700 per month (after paying taxes) have the worst payment discipline.

According to the survey, 22% of people in Latvia have found themselves in situations where they either have had difficulties securing new loans or have been denied loans because of their old overdue debts. However, most of them have learned nothing from these situations and continued to miss their payment deadlines.

Snapshots conducted the online survey on outstanding debts for the Swedbank Institute of Finances in May 2018, interviewing 700 residents of Latvia aged 18 to 74.