Is a 31.6% increase in Poles' debt a sign of financial ignorance? Why do we fall into debt so easily?

Why are Poles increasingly falling into debt? Borrowing has become a phenomenon affecting a growing number of people. Can the blame be attributed solely to rising consumerism? Or to a lack of financial awareness? However, this is not just a matter of individual decisions – the problem lies deeper, in the structures of our financial system. Consumerism, constant pressure to buy, and easy access to loans mean that more and more people are taking out loans, even when their financial situation does not allow it.

The modern world puts us in a situation where advertisements and social pressure encourage constant buying. Products that were a luxury just a few years ago have now become standard. Everyone wants the latest phone, car, or to spend their vacation abroad. All of this requires money that we often do not have on hand. That’s when loans and credits come into play – easy to take out, quick to process, but burdened with high costs. The problem arises when the total amount of obligations begins to exceed our financial capabilities.

Let’s look at the statistics. In August 2024, Poles took out cash loans worth 1.27 billion zlotys. This is a 31% increase compared to the same period last year. The average loan amount was 2,833 zlotys, which is also an increase of nearly 25%. What does this mean? More and more people are using loans to meet their daily expenses, but as a consequence, they fall into a spiral of debt.

What is a debt spiral? It is a situation where you borrow money to pay off previous debts. Each subsequent loan means additional costs – interest, commissions, administrative fees. Over time, the debt grows faster than you can repay it. You fall into a trap that is hard to escape from. Unfortunately, the lack of proper financial education means that many people do not realize the full costs of loans. Borrowers often do not read contracts carefully, do not compare offers, and then are surprised at how much their debts increase.

How can one escape this debt spiral? First, it is worth starting by creating a realistic budget. Write down all your income and expenses to see where you can save. This is a simple but effective step to regain control over your finances.

Secondly, save. Even small amounts saved regularly can protect you from the need to take out additional loans in emergencies. Thirdly, financial education. Learning how loans work, what their costs and risks are, can prevent mistakes. For example, Dawid Kozioł along with Grzegorz Kusz, known from the “Agent Specjalny” channel on YouTube, offers many practical tips on budgeting and investing.

It is also worth comparing offers. Before you decide on a loan, check which option will be the most cost-effective for you. Sometimes high interest rates and hidden costs can make a loan much more expensive than it seems. And finally – seek help from a financial planner. Companies like Investment Partners offer support that can help manage finances and get out of debt.

In summary, the indebtedness of Poles is a problem arising not only from low financial awareness but also from a system that promotes consumption. Easy access to loans, rising living costs, and social pressure mean that many of us fall into the debt trap. The key to getting out of this situation is education, better financial management, and using available tools and professional advice.