In 2020, almost one in six residents lived in a household with debt arrears, according to data released this week by the Federal Statistical Office (FSO). In addition, 6.5% of the population was behind on the payment of other bills not included in these categories. Households with outstanding tax payments (7.5%) were more likely to be 18-24 years old (11.9%), be from southern Europe (12.0%), have only high school education (10.2%) or be from French-speaking Switzerland (11.8%). Among those with outstanding payments, the most common reasons for not being able to pay were the purchase of a car (18.9%), taking on a mortgage for a second home (16.0%) and daily expenses (6.0%). Vehicle leases are often associated with debt problems.

Source: Le News July 08, 2022 01:46 UTC