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Tuesday, 17 July 2018


Sakartvelo’s credit mire

2011-04-26 11:31

Sakartvelo’s credit mire. 16280.jpegGeorgia is gradually turning into a real debt pit. Credits are millstones around the neck of the banks' victims. Creditinfo Georgia's is constantly growing: it already includes over eight hundred thousand people, or, roughly speaking, each five Georgian. The figure is growing month after month; it was lower by fifty thousand people only half a year ago. Georgian citizens are swallowed by the credit mire and the state is setting a


bad example here.

Living beyond one's means resembles the mire that swallows you slowly but inevitably. The beginning looks sunny: the bank's advertisement promising that you will be "set" as soon as you take a credit sounds very convincing. The temptation is great, for here is the money, just stretch out your hand and reach for it but, as an old saying goes, you take someone else's money for a short time and give back your own forever.

However, it appears that some of the Georgian citizens sincerely believe that it is not necessary to "give back your own money forever" and the first part of the saying is enough. They resemble a heroine of one of the bank stories. An old lady comes to the credit department. The officers say to her: "Well, and now let us discuss the terms of granting and repayment". She starts in seat: "Do I have to repay this money?!"

An old lady can be excused for her simplicity. But it turns out that each five citizen of Sakartvelo behaves the same way. Presently, the list of the Creditinfo Georgia company operating in the field of credit information comprises 805 people being wanted. They are the banks' debtors who are to repay overdue and unpaid credits.

The figure causes some bewilderment, for this is the tip of the iceberg. If the black list comprises 805 people, it means that almost the whole country is "on the credit needle". Its fifth part has already been pinned by debts like a butterfly to a piece of cardboard. "Soft" Georgian credits make people fall into a debt pit and it becomes harder and harder to get out of it. Banks are actually setting traps for the citizens with the state's full consent.

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