Do you have a loan or card in Norway? Check 5 things after the holidays

• Check the current balances of your consumer loans and credit cards.
• Compare how much of each instalment covers the principal and how much covers interest and fees.
• Review the limits on unused cards, as they may affect your creditworthiness assessment.
• Before submitting another application, check your income, expenses and other obligations.
• When refinancing, compare the total cost, not just the amount of the new instalment.

According to Gjeldsregisteret, unsecured consumer debt in Norway increased by NOK 1 billion in August 2026, reaching NOK 177 billion. The interest-bearing portion increased by NOK 2 billion to NOK 139.6 billion. Around 63 per cent of the latter increase was attributable to interest-bearing credit card debt.

These figures do not apply only to people who have stopped repaying their obligations. Interest may also burden someone who regularly pays the required minimum amount but does not settle the full credit card bill. Therefore, the fact that all payments are made on time does not yet say how much using credit costs.

Start with the current balances, not the amounts for which the agreements were originally concluded. List consumer loans, known as forbrukslån, separately from the amounts used on cards. Do not add unused limits to the money you currently owe the bank.

You can check the overview in GjeldsMonitor. The tool shows consumer loans and cards, their balances, interest rates and limits. The basic service is free, and you log in using BankID.

Such a review does not include all types of debt. Registry data do not include, among other things, mortgages, secured car loans or student loans. These obligations, as well as unpaid bills, must be considered separately when assessing the household budget.

Check your latest statement to see how much money went towards repaying the principal and how much went towards interest and fees. The instalment amount alone is not enough to assess the cost of a loan. A small monthly payment may simply mean that the obligation will be repaid over a longer period.

When comparing agreements, look for the effective annual interest rate, known as effektiv rente, the equivalent of APR. It also includes fees associated with the loan. The nominal interest rate does not show the full cost.

Also check the total amount still payable according to the repayment schedule. For a card, look at the terms of the interest-free period: paying the minimum amount does not mean that no interest will be charged on the remaining balance.

A card kept in a drawer may still have an active limit. When assessing the ability to service debt, the bank generally assumes full use of granted credit limits, even if the customer is not currently using them.

For example, a card with a NOK 50,000 limit and a zero balance does not mean that you have NOK 50,000 in debt. However, the bank must take into account the possibility of using this limit when assessing whether you can manage the repayments.

If you do not need the card, check whether you can reduce the limit or close the agreement. Simply stopping using the card does not cancel the granted credit. After the change, make sure that the bank has updated the data in the registry. In the event of an error, contact the institution that reported the obligation.

The bank assesses more than just the instalment on the new loan. Other debts, income and living expenses also matter. As a general rule, total debt should not exceed five times gross annual income.

The bank also checks whether the customer could manage repayments if the interest rate were 3 percentage points higher. In such a test, it must assume an interest rate of at least 7 per cent. This is a test of the budget's resilience, not an interest rate offer for the customer.

If you have recently been declined, first ask the bank for the reason. Check whether your income details are up to date, as well as your balances and limits in GjeldsMonitor. Closing one card alone does not guarantee a positive decision, and viewing your obligations does not replace the bank's credit assessment.

Refinancing involves repaying an existing loan or several obligations with a new loan. It may help organise repayments and reduce costs, but this depends on the terms of the specific offer. Combining several instalments into one does not in itself mean savings.

A lower instalment does not necessarily mean a cheaper loan. Extending the repayment period may reduce the monthly burden while increasing the total amount of interest. Therefore, compare the sum of the remaining payments under your current agreements with the total amount payable under the new offer, including all fees. The difference is easiest to assess when the debt amount and the expected repayment end date are similar.

For refinancing consumer loans, regulations provide special rules that allow exemptions from some standard restrictions. One condition is, among others, that the amount of existing obligations, or the total interest, fees and other costs remaining to be paid, must not be increased. The bank must still assess whether the customer will be able to repay the loan.

Before signing the agreement, establish which obligations will be repaid and what will happen to card limits. Additional cash taken out as part of refinancing increases the debt — it is not a saving resulting from combining instalments.

If you are already short of money for instalments or essential bills, contact your creditor and ask about possible solutions. You can also use NAV's free financial and debt counselling service, available on 55 55 33 39.

Are you considering refinancing loans or cards in Norway? MultiNOR Finans provides information about this service and access to Polish-speaking customer support. A loan application can be submitted through its partner, the intermediary DigiFinans. The bank decides whether to grant the loan and on its terms following an individual assessment.

Check the possibility of refinancing loans and cards with MultiNOR Finans.

Representative example published by DigiFinans: loan amount NOK 310,000, repayment period 5 years, variable nominal interest rate 11.39 per cent, effective annual interest rate 12.00 per cent. The monthly instalment is approximately NOK 6,801. The total cost of the loan is NOK 98,036, and the total amount payable is NOK 408,036.

The example is not an individual offer. Refinancing does not guarantee lower costs or that a loan will be granted. Before entering into an agreement, compare the effective annual interest rate, all fees, the repayment period and the total amount payable.