Increasing interest rates are a third factor that could makes bills harder to pay for many households next year, according to the analysis by banks’ interest organisation Finans Danmark, reported by broadcaster TV2.

Higher monthly overheads are set to continue in the foreseeable future, according to the analysis, in which Finans Danmark calculated expected disposable incomes for people living in Denmark in 2023.

According to the organisation, two in three families who own their own homes face extra costs of between 1,500 and 5,000 kroner per month.

Families with expensive heating systems – such as those in homes heated by individual gas heaters – could face paying between 2,500 and 6,000 kroner more each month.

Prisstigninger sætter nye rekorder, og renter stiger ☝ Trods nedgang er energipriserne højere end for blot to år siden. Så selvom man skærer ned på forbruget, kan det blive en dyr vinter for mange 🤔 https://t.co/HeiX3YX7hg #dkøko #fida22 pic.twitter.com/mhtTZwohZP

— Finans Danmark (@FinansDanmark) December 5, 2022

READ ALSO: Danish Energy Agency advises homes with gas heating to conserve

Families most vulnerable to high energy bills and interest rates on their loans could pay as much as 4,500 to 9,500 kroner more per month. Around 120,000 families fit with this description, according to Finans Danmark.

“We are concerned. I don’t ever recall previously seeing a change to an outside circumstance, such as gas prices, which has eaten up so much money from Danish households,” the organisation’s CEO Ulrik Nødgaard told TV2.

Analysts have recently predicted that economic conditions will result in a higher number of people being out of work in Denmark next year.

“It’s obvious that when people are spending money on interest and gas that there is less money for other things, and demand in society will therefore fall, and subsequently something will happen to employment,” Nødgaard said.

Many families in Denmark will be able to cope with increased costs, however, he also said. That is because households will be able to fall back on savings in some cases.

The Finans Danmark CEO also told TV2 that there is a “need to consider targeted solutions in relation to helping the weakest,” in reference to the impact of high costs on people with the lowest incomes.

Banks are ready to help customers who are struggling, he said.

“We would basically like to help people through this. Banks have already reached out to their customers and said: ‘If you think things are looking difficult, pick up the phone and contact us, and we’ll find solutions,” he said.