Consumer debt now amounts to 163.3 billion, which is an increase of 1.2 billion since last month. Credit card debt accounts for the largest increase.
NORWAY: Outstanding credit card debt increased by NOK 0.9 billion last month, and NOK 1.7 billion so far this year, according to Norwegian Debt Information in a press release.
On 1 May, the total consumer debt in Norway was NOK 163.3 billion, which is an increase of NOK 1.2 billion (0.7%) last month. Installment loans increased by 0.3 billion (0.3%) to 89.8 billion. In the same period, use of credit cards increased by 0.9 billion (1.3%). Credit card debt that is not due for payment (non-interest-bearing) increased by 1.0 billion (3.4%) and amounts to 30.0 billion. The interest-bearing credit card debt fell by 0.1 billion (-0.2%) and amounts to 42.6 billion
– Use of credit cards contributes to a continued increase in consumer debt. However, it is positive to see that the interest-bearing credit card debt shows a slight decrease. In other words, people are good at paying what they owe when due to avoid high interest costs, says Svein Ove Karstensen, general manager of Norwegian Debt Information.
Installment loans and credit card debt that is not paid when due constitutes the interest-bearing consumer debt. The total interest-bearing debt is unchanged and amounts to DKK 132.4 billion.
Payment cards amount to 0.9 billion and are unchanged from last month.
Consumer debt for the last 12 months
During the past 12 months, consumer debt has increased by 9.8 billion (6.4%). Installment loans have increased by 5.4 billion (6.4%) and credit card debt has increased by 4.5 billion (6.6%). Payment cards are unchanged compared to the same period last year.
The interest-bearing credit card debt has been reduced by DKK 1.4 billion (-3.2%), while the interest-free use of credit card debt has increased by DKK 6.0 billion (25.0%). Total interest-bearing consumer debt has increased by NOK 4.0 billion (3.1%) over the past twelve months.
– In the last twelve months, both repayment loans and credit card debt have increased quite a bit, but we see that the growth in repayment loans and interest-bearing credit card debt has leveled off since the New Year. This may indicate that people have adapted their consumption to the increased prices and interest rates that have occurred, says Karstensen.
