High inflation, too little or no wage increases: millions of German citizens are reaching their limits in view of the high prices – and beyond.
According to a survey, the debts of many people in Germany have grown. In a Yougov survey commissioned by the Swedish fintech Anyfin, 25 percent of the 1,000 respondents said that the amount of their debt had increased in the past twelve months. As in the survey a year earlier, a quarter of those surveyed find it difficult to make ends meet because expenses regularly exceed income.
In addition, according to the survey carried out at the end of July/beginning of August, 32 percent do not see themselves in a position to meet unforeseen costs of more than 1,000 euros without borrowing money. The majority (65 percent) try to reduce expenses when faced with financial bottlenecks. The “Welt” had previously reported.
According to recently published data from the credit agency Schufa, the number of newly concluded installment loan agreements in Germany increased significantly last year – by 30 percent to a good 9.1 million agreements. The majority of these loans are therefore repaid according to the contract. However, the general increase in prices is putting pressure on many people’s budgets.
Surveys show that because of the general increase in prices, “many people have now used up their financial reserves,” explained Schufa board member Ole Schröder. For a long time, wage increases were offset by inflation, which had now risen to record levels.
Source: Stern
