Credit Card Loans & Debt – Black Friday double whammy warns

Credit Card Loans & Debt - Black Friday double whammy warns

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– Instead of admitting that finances are not enough, many choose to buy on credit, Geir Grindland, general manager of debt collection company Inkassopartner AS, tells

Grindland fears that many will take Black Friday on credit — and that they won’t have the money to pay with when the bill arrives.

– As a result, many people experience a sickly lump in their stomach when the bill is due. They know full well the money has to be paid back — likely at a very high interest rate, he says, and points out many were still paying on Black Friday last year.

– The increase in debt collection is increasing for people between the ages of 50 and 60

He points out that Norwegians owe consumers about NOK 150 billion (figures from Debt record). A recent report from Norwegian Financial Supervisory Authority Regarding the development of consumer debt, he concluded that the percentage of new non-performing consumer debts intended for collection by debt collection agencies has increased, from 9.8 percent at the end of 2021 to 12.7 percent at the end of the first half of 2022.

– It’s a rather scary time, as we see that the increase in debt collection cases against people between the ages of 50 and 60 is increasing; If we compare to last year, there is an increase of 20 percent. And we think it’s going to increase exponentially in the future, says Grindland, and notes that he fears that in this exact age group we’ll find more of those still paying on Black Friday last year.

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According to the Finanstilsynet report, credit utilization has increased so far in 2022 in the 50 and over age groups – while there has been a decrease for the under 50 age groups.

Geir Grindland, managing director of debt collection company Inkassopartner AS, believes that many people do not know the consequences of push notifications. Photo: private
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Many fears do not know the consequences

– Although a large number of people control how they are able to pay the amounts they use with a credit card, there are many indications that this is not the case for everyone. Unfortunately, Grindland says, not many realize the magnitude of the consequences that receiving push notifications can have.

In the worst case, he says, you could have problems with, among other things, renting a house, obtaining a loan and entering into agreements for mobile phones, electricity and insurance.

– Payment notes do not come until after the conciliation council and the bailiff are present, which indicates the seriousness of the matter, he said.

We previously talked about the significant increase in the number of debt settlement applications that bailiffs are now facing. With a debt arrangement, you enter into an agreement with your creditors about repayment — most commonly an agreement period of five years. The debtor who fails to pay within the term of the agreement will be deleted. You can read more about the conditions for obtaining it Give a debt ranking in this article on (click here).

– Many people think that banknotes disappear if they are hidden in a drawer or thrown in the trash. In the meantime, the debt grows and you’ll be able to risk receiving pay notes, salary deductions, and, in the worst case, foreclosure, Grindland warns.

Loans and debts: Lars took out credit and consumer loans to finance his car interest – and now owes more than NOK 1 million. In addition, he loses NOK 14,000 every month. He maintains debt arrangements and payroll deductions with the financial help of his retired mother of over 80. Video: Lexvelan/Viable
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Contact us as soon as possible!

– When the bill is overdue and you face becoming one of those who end up in a collection trap, the most important thing you can do is contact your creditors or the person you owe money to. Preferably as soon as possible, Greenland urges.

This is also a call from the Justice Foundation, which also offers general debt advice through debt service assistance:

– For God’s sake: don’t wait! If you have deferred financing and you already notice that this could be a problem – contact your bank now to take action before you end up in financial trouble. We are really worried that people are waiting for a long time, Tor Bernhard Slaathaug of the Justice Foundation tells here.

Grindland says that for many people it can be an uncomfortable and embarrassing contact procedure – which was also confirmed by what Hilde Slyngstadli at the Public Prosecutor’s Office in the Southeast Police District told

Financial problems are one of the few taboos we have left in our open society, and poor financial oversight and a large debt load can be heavy. Thus mental challenges will easily follow financial problems, it says here.

Grindland claims that most debt collection companies and companies you owe money to will be willing to enter into a potential repayment agreement if you show you want to make amends.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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