24th February 2016

Radio Praha/HN: Czechs increasingly running up problem debts with even bailiffs calling for action

An increasing number of Czechs are facing problems with debts. According to the Hospodářské noviny daily, every tenth Czech has had some serious problem repaying debts and either they or their relatives are facing property seizure, Radio Praha wrote.

According to the HN daily, the number of indebted Czech individuals has increased significantly over the last decade. Data from the Czech National Bank suggests that the overall debt burden amounted to 395 billion crowns in 2005, while in 2014 that figure stood at 1.1 trillion.

While in 2013, there were approximately an average of three property seizures per debtor, last year it was already mounted to an average of six. At the moment, some 380,000 people are facing more than four property seizures at the same time. Read details in English and Czech.

Members of the American Chamber of Commerce in the Czech Republic