Half of Hungarians indebted - paper

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According to statistical data, 52% of all Hungarian residents are in debt, daily Nepszabadsag reported on Friday.

Forty-five percent of households owed money to banks this spring; 800,000 families held one loan each, nearly 500,000 families had two, and 400,000 families were serving three or more loans simultaneously.

During the past two years the number of families with two loans has doubled, and the number of those with three or more loans has increased by four times, the paper said and cited a recent study by the Central Statistics Office (KSH).

Over 700,000 households have mortgages, 80% of which are home loans. Some 87% of the families that have taken out a mortgage include at least one wage earner but in 72,000 families all members are unemployed or inactive.

More than 500,000 families have taken out a loan to buy a car, furniture or other goods, while 300,000 households have credit card debts or have a bank account that is in the red, Nepszabadsag said.

Over 100,000 families owe money to private individuals, the paper added.

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