The development even surprised the experts.
But they expect a trend reversal soon.
And consumer advocates see no reason to give the all-clear.
Neuss - Despite the corona pandemic, the number of overindebted people in Germany fell to a record low this year.
Overall, the credit agency Creditreform counted around 6.16 million over-indebted consumers in their “Debtors' Atlas 2021” published in Neuss on Wednesday, around 700,000 fewer than in the previous year.
This is the lowest value since the evaluations began in 2004. The over-indebtedness rate was thus below 9 percent for the first time.
The development surprised the experts.
The head of economic research at Creditreform, Patrik-Ludwig Hantzsch, spoke of an “over-indebtedness paradox”.
The consequences of the corona pandemic are not acutely noticeable thanks to the ongoing state aid measures such as short-time work benefits and bridging aid for over-indebtedness.
But he expects a trend reversal soon.
And consumer advocates see no reason to give the all-clear.
The positive trend could soon turn back
Hantzsch emphasized that many over-indebted consumers had apparently used the limited consumption options in the pandemic to repay debts with the money they saved. However, there are some signs that the positive trend could soon tip over and that the negative consequences of the crisis will "occur with a time delay and with long-term effects".
The expert fears that current megatrends such as disrupted supply chains, rising energy prices and persistent inflation will first have an impact on the economy and then on consumer wallets.
As early as the end of next year or in the year after next, the over-indebtedness ratios could therefore look completely different again.
According to the experts, over-indebtedness occurs when the debtor is very likely to be unable to settle the sum of his due payment obligations over a longer period of time - or in short: the total expenditure exceeds the income.
No reason to give the all-clear
The overindebtedness expert Christoph Zerhusen from the North Rhine-Westphalia consumer center does not see any reason to give the all-clear in the current figures. They did show that government measures such as short-time work benefits or the extension of the obligation to file for bankruptcy had initially effectively cushioned the consequences of the pandemic and that many people had dealt with the crisis prudently. But unfortunately that is only a snapshot. “Above all, the government measures had a suspensive effect. With a time lag, the numbers will rise again, ”Zerhusen is convinced.
There are some signs of this.
According to a survey by Creditreform, almost a third of households - around 13.5 million in total - are still complaining about losses in household net income as a result of the pandemic.
At the same time, the rise in rental and property prices as a result of the crisis, the skyrocketing energy costs and the general rise in the cost of living are increasing the financial pressure on many households.
This is why many people are already beginning to fear that they will no longer be able to pay their own regular liabilities in the future, reported Hantzsch.
Old-age poverty remains a major problem
The issue of old-age poverty continues to cause concern.
The 60 to 69-year-olds were the only age group to show an increase in over-indebtedness again in 2021.
In total, Creditreform counted 769,000 cases of excessive indebtedness in this age group, 6 percent more than in the previous year.
The situation among senior citizens, small self-employed people and low-wage earners is still worrying, reported consumer advocate Zerhusen.
This shows up every day in debt counseling.
"Rents in the metropolitan areas are rising steadily, and energy and food prices are also skyrocketing." If there were sustained loss of income due to short-time work or the like, some people would quickly get up to their necks, warned Zerhusen.
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“This development will accelerate by spring at the latest, when a lot of back payments for gas and electricity are due,” predicts the over-indebtedness expert.
He advises people affected by over-indebtedness to seek help from an officially recognized debtor and insolvency advice center as early as possible.
dpa
