Around 4.5 million Romanians have loans, more than the total number of employed people in Romania, according to a report from the Romanian Central Bank (BNR). Out of this number, 500,000 people fall into the riskiest category, with three loans, two with banks and one with a non-banking financial institution.

“On an average, a debtor needs to pay off 1.75 loans as of June 2010. The significant and rapid indebtedness of the Romanian population requires a careful monitoring, considering households don't have experience in dealing with important stocks of debt, especially when the business cycle is on the downturn, and the current evolutions are worrying,” writes the BNR report on financial stability.

Those with three loans totaled EUR 3.2 billion in debt and had a non-performing rate of 13.4 percent. Most non-performing loans are under RON 5,000 (EUR 1,190).

Most worrying, the number of people with non-performing loans – those who stopped paying their installments on time – increased by 80 percent compared to December 2008. One of ten debtors has bank arrears and on an average has 90 days of delay for more than one loan.

The population has transferred some of the problems generated by the crisis onto the banking system, which deteriorated the banks' portfolios, and on the short term, the situation doesn't look too encouraging, according to BNR.

The biggest non-performing rate was accounted by credit cards and consumer loans without guarantees – 12.3 and 10.5 percent respectively. Mortgage loans have a non-performing rate of only 3 percent.