According to a recent survey the majority of Bulgarians will not ask nor accept Bank credit. The study found that the majority of Bulgarians are so wary of Banks that they will not put themselves in debt to make purchases. Whether they are right or wrong this is having an impact on the Bulgarian economy because it is reducing consumer spending. 

The survey was conducted by the Institute for Economic Research at the Bulgarian Academy of Sciences during August and September this year.

They surveyed 1000 adults and the results were very definite.

Over 75% said that the Bank fees and interest rates were far too high to consider borrowing and 84% said that they simply could no longer afford to save money never mind repaying loans.

In the last 4 years the percentage of loans in default in Bulgaria has risen from approx 6% in 2009 up to 20% in 2013.

Over 30% of the "Bad Loans" in Bulgaria are based in Sofia with 42% in other urban areas throughout the country.

The majority of Bulgarians are avoiding debt and are putting off spending money where possible.

Instead of spending, they  are focusing on saving what they can and repaying existing debt. 

This is having a negative effect on Bulgarian Banks and the Bulgarian economy as consumer spending is low.