Consumer credit is booming in Bulgaria.
For the first five months of 2007, demand for consumer credit in Bulgaria Bulgaria (bŭlgâr`ēə), Bulgarian Balgarija, officially Republic of Bulgaria, republic (2005 est. pop. 7,450,000), 42,823 sq mi (110,912 sq km), SE Europe, on the E Balkan Peninsula. increased 22 percent. The loans were used principally for home repairs. Improvements in household energy efficiency were also cited as the purpose of a loan.
The figures were reported in the weekly English language English language, member of the West Germanic group of the Germanic subfamily of the Indo-European family of languages (see Germanic languages). Spoken by about 470 million people throughout the world, English is the official language of about 45 nations. newspaper Sofia Echo (Sofia), which cited the Credit Center, a local consultancy, as the source. The information was relayed to the Echo via the Focus news agency.
The Credit Center also reported a developing trend in Bulgarian consumer loans. The firm noticed an uptick Uptick
A transaction occurring at price above its previous transaction. In order for an uptick to occur, a transaction price must be followed by an increased transaction price. in loans used for debt consolidation. In addition, new loans were being used for leasing agreements.
Mortgage market liberalization lib·er·al·ize
v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es
To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . in Bulgaria has led to a decrease in mortgages underwritten for consumers themselves but more mortgage activity was noticed in the housing sector. The Echo said that smaller consumer loans represented a higher risk for consumers than did bigger loans with longer term commitments.