– Although I earned quite well, I spent more money than I had, says Joakim Richardsen. The financial problems started when he moved away from home after high school. – In the beginning, I only spent money on nonsense, and the debt increased. I always thought I could pay it back next month, he says. Owes NOK 700,000 In Beisfjord in Narvik, the 25-year-old lives with his roommate Sunniva Jensen Knutsen. When the couple met a few years ago, the repayments were under control. Then everything unraveled. – Sunniva took sick leave from her job last year, and later resigned. At the same time that she was about to start a new job, we found out that she was pregnant, says Richardsen. The couple have an eight-month-old son. Photo: Privat The finances became tight as they had to manage only on his income. Knutsen was troubled by health problems during her pregnancy, and did not receive financial support due to her work situation. The solution was to borrow more money. The debt rose to NOK 850,000, and they had to sell the house. – We get good help from Joakim’s parents, and live for free in an apartment they own, while we try to save as much as we can, says Knutsen. Now NOK 700,000 remains to be paid. Do you have consumer debt? Yes💳 I had, but have paid it off👍 No😊 Don’t want to answer🫢 Show result – It’s taboo The young couple was aware of the big financial problems for a whole year without telling anyone. – It’s about maintaining the facade. I didn’t even tell my family, says Richardsen. Now they are getting help from debt advisers, and they are working towards getting all the claims paid off. Knutsen has chosen to be open about the fact that they have financial problems, and shares the process on social media. – I have received many messages from people in the same situation. It is taboo to talk about consumer debt. I hope there can be more transparency around it, she says. Consumer debt 💰The total consumer debt in Norway has passed NOK 171 billion. That is an increase of NOK 11.5 billion compared to October 2023 💳 We are approaching the record measurement of NOK 174.9 billion from December 2019 👀53 percent of young people who get their first debt collection claim end up getting more 📈In the last year, there been a general increase of 24 percent. Of that increase, young people under the age of 30 account for the biggest increase Source: Debt register and debt collection company Intrum Many relapse Among young people, it is electricity bills, telephone bills, insurance and online shopping that most often go to debt collection. 53 percent of young people who get their first debt collection claim end up getting more. – In the last year, we have had an increase in debt collection cases of 24 per cent. Young people under the age of 30 for the biggest increase, says Irene Stølan Evjen from the debt collection company Intrum. Photo: Julianne Spooren / Intrum – The reason may be inflation and increasing costs over time, which are only now shown on the debt collection page, says Irene Stølan Evjen, head of department for the customer center at Intrum. If you have got into debt, she recommends contacting the relevant company you owe money to, and getting an overview of how much it is. – If you have problems paying for yourself, the best advice is to contact those you owe money to as quickly as possible and explain the situation. It increases the chances of achieving a good solution for all parties, she says. Evjen believes you should think carefully before taking out a consumer loan. – The most important thing is that you think carefully about why you are doing it, and whether there are other solutions to achieve what you want. If you don’t pay on time, it can quickly become expensive and have major consequences for your personal finances, she says. The couple wish they knew more before moving away from home. – You don’t learn enough at school about finances and what it means to become an adult, concludes Richardsen. Hi!🙋♀️I write stories for young people. If you have tips for things I should do, it would be great if you send me an e-mail! If you want to read more financial things, you can find the other things here. Published 05.11.2024, at 11.33
ttn-69
