Debt among young Poles on the rise

The total debt of young Poles went up by 62 percent in 2017, according to the National Debt Register.

At the end of 2016, the overall overdue amount in the 18-25 age bracket was PLN 309 million. The number of Poles aged between 18 and 25 who failed to pay off their debts stood at 110,000 that year. In 2017, the figure grew to 146,000.

According to the agency, the total debt of young Poles currently reaches PLN 535 million (EUR 127 mln, USD 156 mln), with the register listing 152,000 debtors.

The average outstanding amount per debtor in the 18-25 age bracket is PLN 3,500.

The key reasons behind the debts are unsettled loans and unpaid phone bills and fines.

“The debts of young Poles swell as they age,” said the chief of the National Debt Register, Adam Łącki, in a statement. “The entire overdue amount among 18-year-olds is just over PLN 1 million, while in the case of 22-year-olds the total debt stands at PLN 65 million. Meanwhile, 25-year-olds have to pay off PLN 167 million in debt,” he added.

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