Annecy, France (Dauphiné Liberé, Fre) – Households in the department of Haute Savoie are facing increasing debt levels, according to the regional office of the Bank of France. Lay-offs, “technical” unemployment, and reduced overtime have contributed to a 30 percent increase in the number of cases of excessive levels of household debt in the first quarter of 2009, he says. This compares with a 16 percent increase nationwide in France.
Loans to consumers have increased dramatically in recent years, especially among lower-income households who are particularly affected by the deteriorating employment situation in the region.
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News story, GenevaLunch, 29 May 2009.
Filed under: Society
Tags: Bank of France, excessive debt, Haute-Savoie, household debt, unemployment