Only 13% of Latvia's residents have never taken a loan or leasing

A survey conducted by the Credit Information Bureau (Kredītinformācijas birojs, KIB) shows that 13% of Latvia's adult residents have never taken out a loan, leasing agreement, or used a credit limit. The data was provided to the LETA news agency by the bureau.

Most residents have used credit

If 13% of adults have never used such financial products, this implies that the vast majority of Latvia's adult population - roughly 87% - have made use of a loan, leasing arrangement, or credit limit at some point in their lives. These financial instruments cover a broad range of products, from bank consumer loans and mortgages to car or goods leasing, as well as credit limits attached to payment cards.

About the Credit Information Bureau

KIB collects and maintains information on the credit obligations of Latvia's residents, working with banks, leasing companies, and other lenders. This kind of data is used to assess a person's creditworthiness and credit history when they apply for a new loan or other financing.

The survey results offer insight into how widespread credit and leasing products are within Latvian society. The fact that only a small share of residents has never used such financial instruments suggests that borrowing, in its various forms, has become a routine part of everyday financial management for most of Latvia's adult population.

The bureau did not disclose further details about the survey's methodology or the specific parameters of the sample, but the data points to a broader trend in Latvia's credit market.