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Nearly one in ten Germans cannot pay bills
Published: 9 Nov 12 07:08 CET | Print version
Online: http://www.thelocal.de/money/20121109-46063.html
The number of people in Germany who are heavily in debt rose dramatically this year, with nearly one in ten unable to pay their bills, according to figures released on Thursday.
- Consumer confidence hits five-year high - Business & Money (26 Oct 12)
- German seniors lose buying power - National (13 Oct 12)
A person is considered heavily in debt if they are unable to settle their payments within the foreseeable future. For an estimated 3.8 million of the most serious cases there is little chance of them raising themselves out of debt at all, the agency said.
On average, adults falling into this category have personal debts of around €33,000.
The most indebted place in Germany is Bremerhaven in the north east, where nearly one in five adults is heavily in the red. Wuppertal is also badly affected, as are many areas in the Ruhr region.
The increase in debt is apparent across all sectors of society, Creditreform said. Not just what they described as the “fun-orientated” under-30s, but those on a low income and also pensioners are increasingly affected.
Perhaps most shocking of all for the traditionally austere Germans is the "considerable" increase in middle-class debt.
Unlike elsewhere in Europe, very little serious private German debt can be ascribed to mortgages - just two percent of those heavily in debt are struggling due to having bought flats or houses, the report said.
Creditreform spokesman Michael Bretz said some companies, especially car manufacturers, make it too easy for customers to obtain credit - often with nothing to pay for the first three months.
Many consumers increasingly do not think twice about buying goods on hire purchase online, said the agency, especially high cost hi-tech products.
Meanwhile, the proportion of customers who end up defaulting on credit are usually the "best kept secrets" of most businesses, said Bretz.
DPA/The Local/jlb
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Your comments about this article:
angelfood, what kind of racist agenda are you putting forward here?
This article describes personal debt, therefore has (should have) nothing to do with the government bailing anybody out, wherever they come from.
You are complaining about the wrong thing in the wrong place.