The large credit and debt atlas: This is how indebted Germany is
Debt alarm in Hamburg and credit shortage in Brandenburg: The credit and debt atlas for Germany shows where people go into debt most often and which borrowers with current liabilities are most indebted.
The Germans are heavily in debt. The average debt is 21,766 euros. This is shown by current figures from the comparison portal Verivox. Accordingly, the debt lamp in Hesse, Hamburg and Baden-Württemberg shines deep red. In comparison, Saxony and Saxony-Anhalt have less debt. Most loan applications come from Brandenburg, followed by Saxony-Anhalt, Hamburg and Schleswig-Holstein.
Our graphics show how high the debt level in your federal state is now and how high it was in the past. In addition, the debt and credit atlas of the Federal Republic of Germany shows where consumers take out loans particularly frequently. Only consumer debt was taken into account, i.e. no real estate loans.
Debt in Germany: Hesse and Hamburg have the highest levels of debt
Who are the frontrunners in terms of debt? The chart shows that Hesse and Hamburg are at the top with an average of EUR 23,367 and EUR 23,122. In contrast, Saxony-Anhalt (EUR 19,702) and Saxony (EUR 19,706) have the lowest average debt and remain below the EUR 20,000 mark.
“The high average level of debt in Hesse and Hamburg is related to the high income level there,” says Oliver Maier, Managing Director at Verivox. “Anyone who earns well can also take out higher loans. The remaining debt that is still outstanding is correspondingly higher when consumers take out a loan again.”
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The relationship between earnings and the level of debt is also clearly evident at the lower end of the income statistics: “Borrowers from the five eastern German non-city states have the lowest levels of debt. In all of these federal states, the average earnings are also below the national average,” says Maier.
Taking out loans: Bavaria and Baden-Württemberg are holding back
Bavaria and Baden-Württemberg in particular seem to be reluctant to take out loans in the federal states. Consumers there take out loans the least often. The front runner is Brandenburg, where borrowing is 20 percent above the national average. Saxony-Anhalt, Schleswig-Holstein and Hamburg follow.
It is particularly noticeable that the proportion of borrowers with existing loan obligations is highest in Schleswig-Holstein. Ten percent more people between the North and Baltic Seas have already taken out a loan than the rest of the country.
Overall, around a fifth of all prospective creditors who compare installment loans via Verivox already have existing liabilities. On average, they then have two current loans or installment payments, the portal reports.
When evaluated in August 2020, the average debt in Germany was lower: 21,719 euros. At that time, however, Hamburg had the highest debt with 22,849 euros. The debts in Saxony-Anhalt (EUR 19,683), Thuringia (EUR 19,442), Mecklenburg-Western Pomerania (EUR 19,341) and Saxony (EUR 19,205) remained below EUR 20,000. Most loan requests came from Brandenburg. Bayern and Bremen were more reserved. The people of Hamburg had the highest debtor ratio.
Pay attention to flexible repayment options for debt restructuring loans
The payment behavior of the Germans is traditionally very high, said Maier. “But in recent months, rising prices in almost all areas of life have brought many households to their financial limits.” Those who have difficulties paying their loan installments can provide short-term relief with debt restructuring and a simultaneous extension of the remaining term, explains the expert. “Our experience shows that by rescheduling for a low-interest loan with a longer term, the household budget can often be relieved by more than 100 euros a month.”
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According to Maier, consumers should also note that extending the term increases the total cost of the loan. “After all, they pay interest for longer.” His tip: “Pay attention to flexible repayment options for debt restructuring loans. Then you can use excess money for special repayments as soon as your financial situation relaxes a bit again.” This way you avoid unnecessary interest costs and are debt-free again faster.
tsa
