One third of Latvian population uses credit cards

According to a new survey carried out by "Kredītinformācijas Birojs'' (Credit information bureau) two-thirds of Latvian citizens (65%) currently use some form of credit service, and over the last 10 years, that figure has increased by of 3%. The most commonly used financial loan services are credit card, installment plan and home loan.

 "Although credit services are a very tempting and fast way to make your dreams come true, you must remember the obligation to repay the loan. Our data show that financial literacy in society is gradually improving, which has also been facilitated by a much stricter lending policy," said Intars Miķelsons, CEO of Kredītinformācijas Birojs.

According to the survey of 1,000 people, which was conducted by the market research company "Norstat"  in February, credit services are used less by residents of Latgale (44%), respondents over 50 years of age (41%) and women (41%), compared to other groups. 

The population's favorite credit service is a credit card, which is used by about a third of respondents (34%), and this indicator is identical to the data of 2008, though in 2015 the number of users had decreased to 30%. Although the credit card is the most popular loan service, Latvians use it less compared to other European countries. According to Statista company data, more than 60% of the population in Iceland, Switzerland, Norway, Finland and Great Britain have a credit card.


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