This paper looks at how financial problems may occur among households even under favourable economic conditions. Norway is a good case for studying such processes because of its exceptionally stable economy. Based on data on debt settlements in Oslo in 1999, 2004 and 2011 the composition of debt portfolios is investigated as instances of how risk mechanisms operate and change over time. It is demonstrated that the most dangerous and expensive forms of loans and credit are allocated to the most exposed households. The analysis also suggests that during economic upturns, the potentials for a much larger and deeper problem accumulate as households borrow to invest in asset-based welfare. This raises important questions about the market, and challenges the welfare state.

Based on comparative focus group data from Norway, Denmark and England, this article asks why people take on substantial mortgages to become homeowners. It argues that financialization of the housing market has resulted in a widespread investment philosophy at the household level and changed the way people think and talk about "the home". High levels of mortgage borrowing have become commonplace and are justified by social valuations of owner-occupation based on beliefs around freedom through homeownership. Like previous research, the study shows that homeownership offers social identity, stability and belonging. But, this is wrapped up in an investor's language, such that the distinction between homes as socially valued living environments and homes as investment objects has become blurred. This makes it difficult -perhaps impossible -for households to assess the risks involved in home purchases.

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