250,000 borrowed consumer loans
Over a quarter of a million Norwegians have borrowed money for consumption in the past year. This shows a survey Infact has conducted for Domino Bank.
About 4.2 million people make up the adult population in Norway. Of these, 6.8 per cent confirm that they have borrowed money for consumption in the past year, and men borrow to a greater extent than women.
There are a large number of Norwegians who borrow for consumption, and we register – not unexpectedly – that there are parents in the age group of 30-44 who take out consumer loans in particular. There is almost a doubling of consumer finance in this group compared to the national average, explains Domino Bank CEO Freddy Elie. In the 18-29 age group, 4.6 per cent state that they have borrowed money for consumption. The corresponding figure for pensioners is three percent.
It is especially residents of Oslo who finance consumption through loans. Almost ten per cent borrow money for consumption in Oslo, and this may reflect the pressure experienced by consumers in the capital. In Oslo, there is almost a doubling of consumer loans compared to the surrounding municipalities. Kristiansand and Sørlandet also point to low consumption mortgages.
We interpret this as the fact that the buying and branding pressure is noticeably decreasing when you leave Oslo. This is also the city in the country with the largest and most varied selection, and thus the temptations are in line, Elie continues. He had seen people save money over time and refer to “old days”.
Realize the dream
There has been a tremendous development over the last ten years, and consumers are more than ever tempted with readily available financing. In the past, you often saved what you wanted, and then it was even more amazing when you finally saved the money and could realize the dream, whether it was a jacket, shoes or a watch, says Elie. Over 250,000 Norwegians are listed as financially blacklisted, and consumer loans are high on the list of non-performing debt.
Consumer loans are a luxury trap, and every week we receive inquiries from private individuals who have been disrupted in the economy due to consumer loans. Fortunately, many of us are able to help out of the financial handicap, Elie concludes.
If you have debt collection or small loans that you want to get through refinancing, Domino Bank might be able to help you.