Sixty percent of indebted Poles believe that if not for the rising cost of living, they would not have fallen behind on their financial obligations. According to data from the BIG InfoMonitor Debtors Register and the BIK credit database, unpaid debts reached a record 86.5 billion PLN in September 2024. While the number of delinquent payers has decreased, their sheer volume remains overwhelming—roughly equal to the combined populations of Warsaw and Wrocław. Although financial troubles among Poles are easing in scale, the root causes are shifting, with low wages and inflation now taking center stage.
A Record Rise in Debt
From September 2023 to September 2024, unpaid credit and non-credit obligations increased by 2.9 billion PLN (3.5%), reaching an unprecedented 86.5 billion PLN, according to the InfoDług Report. Approximately 2.6 million individuals are struggling with overdue payments—a number comparable to the populations of Poland’s largest cities.
While debt growth has slowed compared to previous years, the average overdue obligation per person has risen by 2,525 PLN to nearly 33,500 PLN.
Living Costs Drive Indebtedness
A study commissioned by BIG InfoMonitor revealed that 60% of indebted Poles blame the rising cost of living for their financial struggles. “The pandemic and surging living costs have deepened financial problems for some, while motivating others to tighten their budgets and rebuild financial cushions,” notes Sławomir Grzelczak, President of BIG InfoMonitor.
Although 38% of Poles report financial difficulties, this figure is the lowest in three years. Nearly half (49%) report no issues meeting basic expenses, marking the most favorable result since 2019. However, many continue to limit spending, with 58% reducing expenses to a minimum and an increasing number borrowing from family, friends, or financial institutions.
Changing Priorities in Financial Struggles
The latest “Condition of Polish Household Budgets” survey highlights a shift in financial challenges. While inflation remains a significant factor, its impact has decreased (-11 percentage points since 2023). Low wages have now become the top concern, cited by 26% of respondents, reflecting a 3-point increase.
Debt Concentration by Region and Demographics
The InfoDług Report reveals significant regional disparities in overdue debts. The highest concentrations of delinquent payers—over 100 per 1,000 adult residents—are found in western Poland, including Lubuskie (109 per 1,000) and Kujawsko-Pomorskie. In contrast, Podkarpacie has the lowest rate at 45 per 1,000 adults.
Among age groups, Generation X (45-54) shoulders the heaviest financial burden, with an average debt of 47,382 PLN per person—a rise of 8.6%. Meanwhile, younger adults aged 18-24 saw their average debt decrease for the second consecutive year, now at 7,763 PLN.
Gender Disparities in Debt
Men make up 62% of debtors and hold 69% of total debt, reflecting their higher average liabilities compared to women. Women, who account for 38% of debtors, hold 32% of the total debt.
Regional and Sectoral Debt Growth
The highest debt levels are concentrated in Mazowsze (17 billion PLN), followed by Upper Silesia (9.9 billion PLN) and Lower Silesia (7.8 billion PLN). In contrast, Opolskie, Świętokrzyskie, and Podlaskie provinces have the lowest debt levels, averaging 1.7 billion PLN. Notably, Mazowsze saw a 6.4% increase in debt, while Upper Silesia experienced a slight decline (-1.2%).
Record Holders and Solutions
Poland’s top 10 debtors collectively owe over 535 million PLN, with the largest individual debt exceeding 90 million PLN.
To prevent falling into debt spirals, Grzelczak advises:
– Avoid taking on obligations beyond your financial capacity.
– Delay unnecessary expenditures and save instead of borrowing.
– Monitor household budgets closely and reduce unnecessary costs.
Building a financial cushion equivalent to six months’ salary can provide a safeguard against unforeseen expenses. Thoughtful financial decisions and disciplined budgeting are key to staying debt-free.
Source: BIG InfoMonitor Report and ManagerPlus.
