For Frode and Marit, the renovation 15 years ago became a painful spiral


There are many different reasons why people get into a financial mess. The reasons are often as complex and diverse as most people.

Frode and Marit were initially in a good financial position, but unforeseen events have meant that the cost of the renovation has followed them for years.   

Refurbished 15 years ago

-For us, the economic problems started 15 years agostarted 15 years ago, says Frode.

-My wife and I wanted to renovate our home and took out a consumer loan to cover the costs. The renovation turned out to be more expensive than originally thought, as it often does, and we took out another consumer loan to complete the project.  

Frode and Marit are basically in a good financial position, but when Frode loses his job as a mechanic in 2008, things change completely.  

-In 2008, I lose my job as a mechanic and the situation with consumer loans is getting worse and worse. We start taking out more consumer loans to cover the debts we already have. It becomes a vicious spiral that is difficult to get out of. I eventually get a new job and manage to keep my head above water.  

In 2014, Frode loses his job again when the company moves its operations abroad. Again, the debt problems get worse. Frode has to go out and find a job, with the financial problems hanging over him.  

-"I get a new job, but the mental strain of expensive debt is getting worse and worse. It's very hard to see that the bank account is empty one week before the next salary. We are basically on good salaries and should have no problem getting by. But "old fun" ruins my sleep at night and makes me more and more grumpy towards my family. My wife has been part of the problem, but the children don't know why I'm struggling.


Refinancing was the solution

Frode goes on to say that the desire not to be grumpy with his family is what eventually makes him start looking for help. He sees an advertisement for Kraft Bank online and decides to get in touch.  

-"Arne called me the day after I contacted the bank and he gave me incredibly good help. Arne is a pleasant person who is good to talk to. I think the help I have received is fantastic. 

-"Yes, the loan we have now is also expensive, but it is much more affordable than what we had before. And it's much easier to deal with one bill.  

Today, Frode is so far along the road to financial recovery that he is in contact with his old regular bank about transferring his loan back.  

This is because we are constantly working to ensure that you as a customer can take control of your finances and eventually transfer the loan back to your regular bank. We call this providing real help to people in financial difficulties. 

Senioradvisor Arne Turlid says that it is not an unusual situation that those who contact have struggled with gdebt over a longgmore time.

Arne - Adviser-1
Arne- advisor at Kraft Bank.

It is difficult to open up

-"Many people find it difficult to open up to others and admit that they have too much debt. This causes people to struggle and feel shame, but it also means that they stay in expensive debt longer than they might need to," says Arne. 

-Often, debt problems only get more complex over time, and it's easy to understand why it can feel overwhelming when you lose control. So my best advice is: talk to someone about your finances. Couples need to talk together. Single people need to talk to a good friend or family member. This is often what helps people take control of their financial situation.  

-Some people dread what we will say when they contact us, but we are not here to judge. We are here to advise.

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Financial first aid - refinancing

This article is part of the category Economic first aid , a collection of articles that deal with topics related to a strained economic situation, such as reminders and collection, payment notices, garnishments and forced sales. Read more about Financial first aid

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