Do you have any debts? In Amsterdam, the municipality will pay you for them

The Dutch city wants to make it easier for young people who find it difficult to find a job or be accepted for school. As part of an innovative venture, a municipal bank will take credit from its creditors and young people will be assigned a personal trainer. "Debts determine their future"

More than a third of Amsterdam residents aged 18 to 34 have debts (Photo: ShutterStock)

Amsterdam Netherlands (Photo: Shutterstock, ShutterStock)

The City of Amsterdam will pay the young people's debts in the city to help those who find it difficult to find work or study. Growing in loans taken by young Dutch people - a trend that is also evident elsewhere in Europe - is seen as hindering their joining the economy or completing academic studies.

As part of the Dutch city's experimental project, a municipal credit bank will negotiate with creditors for payment of debts. Subsequently, program participants will be given a repayment loan according to their means. Creditors will receive around € 750 as an incentive to transfer the debt to the municipal bank. Young people will be eliminated from the debt if they successfully complete a training or educational program.

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"Debts cause a lot of stress. In the case of young people, debts often determine their future," said Deputy Chief Marjolin Morman. "Most of these young people started to lag, and because of bad luck or ignorance, they got into a situation from which they could not get out without help. So we are going to help them so they can start over." The debt transfer project will begin next month. Each participant in the program will receive an instructor who will prepare a "training program" for them.

According to official figures, more than a third of Amsterdam residents aged 18 to 34 have debts. The average student debt in the Netherlands increased from € 12,400 in 2015 to € 13,700 in 2019. The number of debt holders has also risen, reaching 1.4 million.

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