Private bankruptcies in Vorarlberg: Men are still in front!

Private bankruptcies in Vorarlberg: Men are still in front!

Vorarlberg, Österreich - Last year, 425 private individuals had to register bankruptcy in Vorarlberg, which illustrates the worrying reality in the region. Despite a slight decline in January, as the head of the KSV 1870 in Vorarlberg, Regina Nessohn, the prospects are bleak: the number of private bankruptcies is expected to increase. The main causes of these financial disasters are men who have accumulated high debts in the course of their independent activities. These men are responsible for two thirds of the bankruptcies, with average debts of 109,000 euros. Women, on the other hand, who have an average of 58,000 euros in debt have often been drawn into debt traps by guarantees for homes, although they are usually not the main earners. This becomes an existential problem for many in particular.

growing government debt

in parallel to the rising private bankruptcies, the debt of the State of Vorarlberg has also achieved worrying dimensions. The current debt level is 554 million euros, which corresponds to a per capita debt of 1,351 euros. These debts have increased steadily in recent years, which proves to be a serious challenge for the financial stability of the region. In 2022 it was already 579 million euros and two years ago even 650 million euros. With this continuous increase, the Vorarlbergers are faced with the urgent need to find solutions in order to reduce both private and public debts, such as Staatschulden.at

The current trends show that both private individuals and the state in Vorarlberg are struggling with increasing financial burdens. These developments highlight the challenge of dealing with debt situations and at the same time promoting the economic health of the region. Those by KSV 1870 and the financial policy reports underline the urgency to take measures to address these critical financial problems.