Online shopping and rising living costs driving young Finns into debt
“People have the need or desire to consume, but their purchasing power is no longer enough to match their spending habits,” Nors said.
He said the biggest underlying factor was the decline in purchasing power.
“If wages are low and living costs continue to rise, it puts young people’s finances in a vulnerable situation,” he explained.
The average debt recorded in enforcement proceedings now stands at 2,168 euros.
I had a similar thought when I read that Apple was starting an upgrade program with Klarna. People don’t have purchasing power but they want to buy more stuff.