Debt in Macedonia

Debt can arise from a bank loan, credit card, overdraft, consumer credit, a loan from a financial company, merchant credit, a guarantee for another borrower or unpaid obligations. Local terms include долг (dolg), задолжување (zadolzuvanje), кредит (kredit), доцнење for late payment, извршување for enforcement and стечај for bankruptcy. Household, business and public debt follow different rules and should not be treated as one system. Before borrowing, compare the annual percentage rate, total repayment, interest type, rules for changing the interest rate, foreign-currency clause, maturity, fees, collateral and guarantor liability. Check the provider's identity and licence. The National Bank of the Republic of North Macedonia, or NBRNM, supervises banks and savings houses. The Ministry of Finance supervises financial companies, while the State Market Inspectorate supervises non-financial traders that offer consumer credit. Financial companies may charge non-annual-percentage-rate costs, including fees, up to 60% of the approved principal; enforcement costs and statutory default interest are excluded from that limit. A financial company may not roll over a debt with the same company merely to repay the existing debt. Providers must use a credit-risk and affordability system and publish a tariff. In 2026, the Ministry of Finance ordered the removal of misleading zero-interest advertising and advertisements that concealed additional expenses. The NBRNM Credit Registry receives mandatory reports from banks and savings houses about credit exposure and credit risk, including information about borrowers and guarantors. A natural person can request access to and correction of personal credit data under NBRNM rules. Household bank loans grew by 8.8% year on year in the fourth quarter of 2024, while doubtful or contested claims represented 2.6%; a methodology change in 2024 limits direct comparison with earlier trends. Long maturities, variable interest rates and foreign-currency exposure can increase the repayment burden. After a missed payment, contact the creditor promptly, request a verified statement and ask in writing for a repayment change or rescheduling. The statement should show the balance, instalments, default interest, fees, collateral and guarantor liability. The procedure for a creditor complaint depends on whether the creditor is a bank, savings house, financial company or trader. There is no reliable universal public household debt-counselling service identified for North Macedonia, and debt is not cancelled automatically because a borrower cannot pay. Enforcement generally requires an enforceable court decision or settlement, an administrative monetary decision, an enforceable notarial document, a notarial payment order or another statutory enforceable title. An enforcement agent appointed for the relevant Basic Court area can act throughout North Macedonia. Enforcement may reach a bank account, wages, a pension or other assets. Ordinary wage and pension claims generally allow up to one third to be taken, but protected-income exemptions and reduced limits can apply. Enforcement costs are chargeable. A party, participant or third party can object before the competent Basic Court within three days after learning of the enforcement action, subject to the outer limit of three months after the action or failure. Since a 2023 amendment, unpaid interest stops when it reaches the amount of the principal. Primary legal aid is available through the Ministry of Justice, its regional departments, authorised associations and legal clinics to natural persons who reside or stay in North Macedonia. Secondary legal aid may provide a lawyer for a specific matter when the applicant has insufficient financial means and submits a justified request; income and property thresholds apply. Legal aid can be relevant when a creditor's calculation, enforcement action, protected income or guarantor liability is disputed. Formal стечај applies mainly to companies and other legal entities through liquidation or reorganisation. The Ministry of Economy and Labor, the Bankruptcy Law, the Central Registry, bankruptcy trustees and e-auction procedures form part of that system. North Macedonia has no general personal bankruptcy or direct debt-discharge procedure for ordinary natural persons. A planned personal-insolvency reform is not the same as an available legal remedy. The business insolvency procedure cannot simply be transferred to an individual debtor. Current research describes business liquidation as taking approximately 30 months and reorganisation approximately 20 months, with estate costs around 10%, while out-of-court settlements remain rare. An accelerated procedure is limited to small claims up to MKD 1 million. Public debt is a separate government-level category. In the first quarter of 2026, general-government debt was EUR 9,473.1 million, or 52.6% of gross domestic product, while total public debt including public enterprises and municipalities was EUR 10,747.4 million, or 59.7% of gross domestic product. External debt was EUR 6,040.9 million and domestic debt EUR 4,706.4 million. General-government debt was 63.4% in foreign currency and 59.8% in euros. The statutory medium- and long-term limit for total public debt is 60% of gross domestic product. The debt strategy projects 61.5% in 2026, 61.8% in 2027 and 60.9% in 2028, with a return below 60% by 2030; net borrowing for 2027 is capped at EUR 900 million and guaranteed public debt at 15% of gross domestic product. These figures describe the state and public bodies, not an individual's personal liability.