Every fourth parent will throw a party for borrowed money

Nearly two-thirds of parents want this year’s First Communion celebrations to be rich, and every fourth of them are willing to borrow for that reason—according to a Bureau of Economic Information National Debt Registry study.

The National Debt Registry asked parents whose children are getting Communion this year about their plans to celebrate the event. Nearly two-thirds (64%) of parents want the place to be rich, not to run out of variety of foods and attractions for guests. Almost every fourth parent has a different opinion – 24 percent. I don’t feel the need to organize a lavish party. On the other hand, nearly every eight (12%) are indifferent to the topic.

The survey also shows that every fourth respondent (26.5%) is willing to borrow to give their children a rich environment for First Communion ceremonies. Hotels, restaurants and catering companies, which have debts of 272 million PLN, are counting on the company’s season recovery. The beauty industry, which has a debt of 37.3 million PLN, has similar hopes, according to KRD data.

71.5% can organize a corporate party without taking out a loan. , including nearly 30 per cent. He claims that money is “definitely not” an issue for them in this case. However, 22.5 percent. Respondents admitted that they “could not afford a rich event”.

As the head of the National Debt Registry, Adam Aoki, noted in his commentary on the results of the PAP survey, despite the lack of money, some Poles do not want to abandon the grandiose party. The study shows that the old saying “put yourself down and get up” is still alive. More than one in four parents would take out a loan or loan to organize a communion event ”- he noted. He added that in the category of people interested in a lavish celebration, the percentage of those willing to take the money rises to 33 percent.

Łącki stressed that parents who were not interested in a big celebration would not shy away from the loan—almost every one-tenth of them would incur the obligation to organize a corporate dinner.

According to the poll, 47.5 percent. Parental lending for money will go to the bank. One in four gentlemen is with family or friends. A similar percentage will benefit from the loan company’s offer (22.5%).

The “get it and put it” approach has its opponents, too. 35 percent of parents say they won’t borrow money for a split party and will decide to host guests more modestly. This group is dominated by people who do not attach importance to a grandiose celebration. This was indicated by approximately 54 percent. Parents who don’t care about a fancy party. However, less than 39 percent. Parents will have enough resources to celebrate connecting with their children without taking out a loan or cutting costs.

If a person cannot afford a grandiose party and wants to get a loan, then he should recalculate the true possibility of repaying it. The point is not that we lead to a situation where we will pay one financial obligation in exchange for another financial obligation. Then it will be difficult to move forward – Jacob Kosticki, president of debt collector Kachmarski Inkasu, which cooperates with KRD, noted, citing the study.

KRD experts noted that “with the Poles returning to celebrate,” companies supporting family parties and events have hope for reflection. Aoki reminded that restaurants and facilities that rent rooms, provide housing and provide food have been severely affected by the effects of the coronavirus and closures – many of which have not been able to operate and “incurred financial arrears”.

HoReCa companies have a total of 272 million PLN. Of which 80 percent. It is a long-established restaurant, catering and food service company. Almost 13 thousand are struggling with outstanding payments to creditors. who are they. On average, the liability of one of these companies is 21 thousand. PLN – Łącki said.

The HoReCa industry mostly incurs arrears with financial institutions such as banks or insurance companies (146 million PLN). It also owes more than 36 million PLN to the commercial sector, including the bulk (32 million PLN) with wholesalers. The creditors in the HoReCa segment also include property managers and firms related to advisory and property protection. Over two-thirds of HoReCa industry debtors are sole proprietorships. Companies from Mazovia face the most problems with repayment, which should return almost 60 million PLN. Companies from the Śląskie Voivodeship took the second place (33 million PLN), and the third – from Lower Silesia (30 million PLN).

Aoki noted that receptions are also a “hot period for the beauty industry,” which has also had to face restrictions in the coronavirus crisis. He noted that the debts of hairdressers and beauticians amount to 37.3 million zlotys.

According to the KRD, it is the companies of the beauty industry that owe the most to financial institutions – 25 million PLN. IT companies owe more than 3.4 million PLN, while commercial accounts owe another 2.7 million PLN. In the case of the beauty industry, companies from Mazovia are the leaders in the ranking of the most indebted provinces (8.7 million PLN will be settled). The second in this list is business from Silesia (5.3 million PLN), and the third – from the Pomeranian province (3.7 million PLN). 80 percent of debt-laden beauty companies are sole proprietorships. “In this industry too, small businesses suffer the most from financial problems” – Łącki in short.

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