The prolonged COVID-19 pandemic generated a certain alertness and more careful risk-taking approach among the Hungarian households. Although some of these concerns disappeared by early 2022 as restrictions were eased, the rising rate of inflation has revived distrust towards credit, especially since the base rate has made repayments more expensive.
It is still unknown how and when households not paying their instalments will return to repaying their loans after the loan repayment moratorium has been lifted. Banks and financial experts are urging consumers to start paying the instalments as early as possible to avoid further extensions to the repayment period and prevent increases in related expenses in the future.
Over the forecast period, it is likely that both domestic and international fintech players will make strong gains in Hungary, attracting consumers with their wide range of services and more flexible conditions (some of which are not available at all in traditional banks). Some fintech businesses are registered locally, whilst others are offered as cross-border service operating under less rigorous regulations than banks.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Hungary with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in Hungary, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.See All of Our Definitions
This report originates from Passport, our Consumer Credit research and analysis database.
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