Fighting with loans in Hungary

The Hungarian forint reached a record low today, as 1 Euro reached 302 Forints. According to some sources it will not continue further down, so people do not have to worry that it will get even worse.

The problem in this is just that it is very popular to take loans in foreign currencys, and Hungary is packed up with people having loans in Euros and in Swiss Francs. Some people also have loans in Yen (Japan). What all of these people have in common, is that they have to pay much more than they expected when they first asked for the loan. Some people have experienced that they have to pay more than the double of what they did as they applied for the loan.

The government tries to help people, making deals with the different banks, but several families are suffering in these days because of this. The banks have opened for the chance to change the loan into a Forint loan, other banks gives the possibility to make the loan period longer (extending it from for example 10 years to 15 years).

Information about changing of money in Budapest, can be found here.

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