Norwegian household debt is at a historically high level, and now rising far more than revenue, says the FSA (Finance Authority) who expects the debt to increase further.
In recent years, household debt has increased by around 6 percent a year.
The Financial Supervision Director Morten Baltzersen refers to the latest figures from Statistics Norway showing that the debt has increased even more. October figures show an annual growth of 6.3 percent.
– This is happening while wage income is lower than before.
The further accumulation of debt items and the more housing prices rise, the greater the potential drop in the Norwegian economy, says Baltzersen on Tuesday as he presented its half-yearly analysis of economic trends.
Source: NTB scanpix / Norway Today