19.5 C
Oslo
Friday, August 19, 2022

Government proposes new debt register

As household debt continues to climb in Norway, the conservative government is reviving a plan it once rejected to register consumer loans and credit card debt. They’re opting for a private register, though, not a public one like the one proposed three years ago by the former left-center government.

Consumer debt in Norway is now believed to total around NOK 100 billion, and the state financial authority Finanstilsynet claims it’s rising at a rate of nearly 10 percent annually.

Solveig Horne, the government minister in charge of consumer issues, has now sent a proposal for a private register out to hearing. The goal is to make it more difficult to borrow from many lenders who currently have no means of checking how much debt a potential customer may already have, if loans recently have been taken up.

“High debt, especially consumer debt, can create a lot of problems for those taking it on,” Horne said. “I expect lenders to set up a debt register as soon as a law allowing one is in place, and that they assume more responsibility, so that fewer consumers will land in debt problems.”

newsinenglish.no staff

LATEST STORIES

FOR THE RECORD

For more news on Arctic developments.

MOST READ THIS WEEK

Donate

If you like what we’re doing, please consider a donation. It’s easy using PayPal, or our Norway bank account. READ MORE