The young and the eldery have the greatest problems paying their debts

Two girls on the tour in the city centreTwo girls on the tour in the city centre.Photo: Gorm Kallestad / NTB scanpix

Debt claims against young adults is increasing, according to a recent survey by Lindorff (a major claims company in Norway).
Also people in the 60+ range experience greater difficulties paying back on their loans.

The young and the eldery have the greatest problems paying their debts
Debt claims against young adults is increasing, according to a recent survey by Lindorff (a major claims company in Norway).
Also people in the 60+ range experience greater difficulties paying back on their loans.

49 000 young people, between 20 and 30 years, defaults on their payments – which is stable since 2015, – it is however alarming that the debt is ever increasing, according to Anette Willumsen, CEO of Lindorff Norway.

The number of payment defaults per person is also on the rise.

– The survey shows that many young people have no control of their ecconomy, and we see a negative trend in which the number of deficiencies and the amount of what they owe goes up, says Willumsen, when she presented the new figures in Oslo last Thursday.

She notes that young adults between 20 and 25 years old owe NOK 41,000 (about £4000) on average, and that this constitutes an increase of 9% from 2015 to 2016. Adults in the range between 26 and 30 years owe NOK 75,000 on average, which constitutes an increase of 5% in the same period.

This development is of concern

– If people are struggling at a young age, they often struggle with this later in life.If youngsters learn to take control of the economy early in life, however, we see that they also have better control later, says Willumsen.

The survey shows that debt amongt most young people can be handled.

-If they are address the issue, they can get help, she emphasises.

The Lindorff survey also shows that payment problems are growing the fastest amongst the elderly.In the age group of 60+ payment problems increased by 11.7% from 2014 to 2016.

– The reason is probably that many are struggling with the transition from active working life to retirement with a lower income.It seems that they are struggling to adjust their spending. Many are also losing their spouse and have a weaker ecconomy for that reason, says Willumsen.

 

Source: NTB scanpix / Norway Today

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