Channel 2 reports on a family of six in Hafnarfjordur that is considering leaving the country after their household debts rose at lightspeed up to 154 million ISK, if the government doesn’t provide solutions soon. The banks that lent us the money destroyed the Icelandic economy and now they want to bankrupt us and take [...]

So the guy who destroyed his old house has been attracting some headlines in the last couple of days. His actions have been met with great sympathy from many directions, some calling him a hero for going through with some serious “up yours” to the system that has screwed its citizens royally over. Others have [...]

One out of every six househoulds must use more than half its income to pay off its loans. Seven percent should use 90% of its income to service their debt or roughly 5,000 homes. In addition twelwe thousand households are being heavily squeezed. This was revealed at the Central Bank’s conference on the debt of [...]

Since this spring I have been trying to get my head around understanding how the Central Bank figures that a third of homeowners are now experiencing negative home-equity. Home equity is the cash you’d end up with from selling your home and paying up your home loans. So the bank is probably assuming a market [...]

  “Yes, I was one of those who took a currency loan”, says the forty year old father of two. “Twenty million that are now sixty. I am not asking that my loans be remitted. But when I went to the bank to look for solutions, they said no because I am one payment behind. [...]

  A storm is brewing in Iceland. Homeowners have waited since October for words from the governments of Geir Haarde and then Johanna Sigurdardottir on how the state is going to tackle their problems.  They are still waiting and they are getting angrier every day.  The thing is that pretty much all home loans in [...]