In the second quarter of 2007, nearly 3.6 thousand debt restructuring agreements were pronounced, 8 percent down on the same period last year. A decrease of this size is unprecedented since 1998.
Number of debt restructuring agreements
Decrease among young people since 2005
The average monthly number of debt restructuring agreements per 100 thousand residents under the age of 35 has steadily fallen since 2005. Among over-35s, the average monthly number of debt restructuring agreements, calculated over each month of the year, is still rising.
The most recent quarterly figures indicate that, relative to the second quarter of 2006, the number of debt restructuring agreements is rising only in the over-65 age bracket. The number of debt restructuring agreements in this group is however lower than in other age groups.
Average monthly number of debt restructuring agreements by age, per 100 thousand residents in the corresponding age category
Lowest debts among over-65s
The initial debt amount of people under 35 averaged 30 thousand euro in the period 2000–2006. For individuals aged between 35 and 65, the initial debt amount was higher, i.e. 45 thousand euro. With 22 thousand euro, over-65s averaged the smallest initial debt amount.