Lindorff: Debt-wave after oil price crash

gas fieldsOil fields.Photo: Pixabay

While the rest of the country have made progress, people in oil counties were struggling to pay their bills. Persons with payment defaults with by far the biggest increase were in Rogaland.

Lindorffanalysen measures for the third quarter, the changes in people’s debts based on payment records, and bills that are not paid.

Compared with the third quarter last year, now registered are 0.7 percent fewer people noted in Norway.

The counties with the largest increase in the number of people who don’t pay are Rogaland, Hordaland and Agder.

‘There has been a negative trend in the private economy in the oil belt over a period of time, and this trend continues. There is a strong correlation between trends in unemployment and financial difficulties.

Oil counties had the nation’s highest unemployment for a long period of time. It means that the people living here are struggling more with bills than the rest of the population’, said Anette Willumsen, CEO of Lindorff, to the news agency NTB.

There were registered 1.2 million payment defaults among private persons in Norway in the third quarter, an increase of 6 percent compared to the same quarter last year. Again it is oil counties that increases the national average.

Aust and Vest-Agder had an increasing number of payment defaults by, respectively, 14 and 14.5 percent. In Rogaland, the increase was 13.3 percent, while Telemark grew by 10.3 percent.


Source: NTB scanpix / Norway Today