In recent years, there has been an increase in the number of Bulgarians who use loans to finance their vacations. According to a study, an increase was observed in 2023 compared to the previous year 2022.
This growth can be explained by a number of factors, including:
- tourism recovery after two years of COVID-19 restrictions, many people are eager to travel and enjoy a vacation.
- the prices of travel, including airfare, hotels and food, have increased significantly in recent years, making travel more unaffordable for many people.
For many Bulgarians, the only option to enjoy a pleasant vacation during the summer or winter months is to take out a loan. Credit companies are increasingly facilitating the process of taking loan money online, which further makes them attractive. However, it is important that borrowers be very responsible and repay their debts on time.
Alternatives to taking out a holiday loan
- the best way to finance your holiday is to save money in advance. Set a budget and set aside a fixed amount each month to achieve it.
- search for offers and promotions. There are many ways to find cheap travel, such as booking flights and hotels in advance, looking for package deals and traveling off-season.
- choosing cheaper destinations: You don't have to travel to exotic places to enjoy a vacation. There are many beautiful and interesting places in Bulgaria and neighboring countries that are more accessible.
- traveling with friends or relatives. Sharing travel expenses can help you save money.
- off peak season travel. Travel prices are lower outside of peak season, so you can plan your vacation around then.
Ultimately, deciding whether to take out a vacation loan is a personal one. It is important to carefully weigh the risks and alternatives before making a decision.
In addition to the above factors, it is important to note that cultural norms and attitudes can also play a role in whether Bulgarians take out holiday loans.