How much Christmas is too much Christmas?
Estonians pile on too much debt?
Estonian banks and department stores are reporting increases in the use of small loans and credit cards during the holiday season, despite warnings by the central bank that consumer debt levels are too high. Hansapank’s Annely Herman expects a 40 per cent increase in credit card-based activity versus last year. Last year Estonians spent nearly four billion kroons in retail trade during December—a half billion kroon increase over 2004.
Note to foreigners: Please get out there and do your part to support the Estonian economy—see our online gift guide.