when the wealthy French find themselves in the red

by time news

2024-10-21 06:06:00

INVESTIGATION – Whether overindebted or not, many families are adding to their overdrafts, weakened by the sum of their expenses and debts. Even when they enjoy a comfortable income.

They are stories that haunt family conversations, files that accumulate on the desks of the Banque de France. There are more French people living beyond their means, with large debts, than we think. In 2023, the financial institution received 121,617 over-indebtedness practices. Although these are often single unemployed people, vulnerable people and victims of life accidents (divorce, death of a loved one, loss of job, illness, etc.), all social categories together are numerous among over-indebted people. Why find yourself “in the red” it is not just the prerogative of modest families. Without reaching the point of over-indebtedness, many French live with a sword of Damocles, that of repaying their debts. This was the case for Anna, who thought she was safe from such disappointments, before financial reality finally caught up with her.

“I felt like I was rich.”

“I have always had a modest salary, close to minimum wage. Paradoxically, it was when my income more than doubled that the problems began.relate-t-elle…

#wealthy #French #find #red

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