Sparkassen provide funding for debt counseling in Oberberg

The Oberbergische Sparkassen have allocated approximately 45,584 euros to support debt counseling services in the Oberberg region. The funds will be distributed among three organizations: the Caritasverband for the Oberbergischer Kreis, the debt and insolvency counseling center of the Kirchenkreis an der Agger, and the Arbeiterwohlfahrt Rhein-Oberberg.

This initiative comes amid rising debt levels in North Rhine-Westphalia, where the number of over-indebted individuals aged 18 and older has increased to roughly 1.46 million. This represents a 9.79 percent debt rate, the second-highest increase in a comparison of German federal states. Data indicates that young adults under 30 are particularly affected, often due to “buy now, pay later” financial products.

The Sparkassen-Finanzgruppe is the only financial group to regularly provide funding for these institutions. In North Rhine-Westphalia alone, the Sparkassen provide 3 million euros annually from a dedicated fund for debt counseling, totaling 81 million euros in support since 1998.