it can contribute to greater financial problems for people.
According to the Debt Register, in March this year consumer debt increased by NOK 2 billion, reaching NOK 153 billion. Some consumers are now turning to credit cards and consumer loans to stretch their household budgets, experts say. CEO Debt Register, Egil Årrestad, notes that growing interest-bearing debt is increasingly burdening household budgets, which may lead to more serious financial problems for people.
Additional costs
Debt due to unpaid credit cards and consumer loans on time. According to the Debt Register, an increase in this type of debt indicates a decrease in household savings. Many people take out consumer loans and delay credit card payments to finance their expenses.
The Debt Register sees an increased risk of debt problems. While the level of consumer debt is now not alarmingly high compared to previous years, the risk of debt problems is now higher. The level of costs is higher and households have less funds to cover expenses. Therefore, consumers should exercise caution when incurring debt and, if necessary, seek professional help to avoid financial problems in the future.
