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The Debtors' Ombudsman Frontpage
The Debtors' Ombudsman Frontpage

Debtors' Ombudsman

Information on maintenance criteria

Cost of living is the cost that is necessary to provide for the basic needs of an individual or family.

Cost of living is a term that is used for expenses such as for food, housing, clothing, medical expenses as well as other goods and services that are necessary for daily life.

Last Updated: 2 April 2024

More on cost of living by categories

Calculation

The Debtors Ombudsman sets a standard for cost of living based on information from the Ministry of Social Affairs. The Ministry of Social Affairs’ standards are based on a study by Statistics Iceland on expenditure of individuals and families.

The median expenditure for each family type is used to determine the maintenance criteria. This means that 50% allow the reference amount or lower to be used for the purchase of products falling within each category.

Regularly updated

The standards are updated regularly and are based on the research of Statistics Iceland on household expenditure in the period 2013 to 2016.

The criteria are updated every 2 months.

The Debtors' Ombudsman

Contact

Phone number 512 6600

ums@ums.is

Opening hours

Open every weekday from 10 am to 3 pm

Hlíða­smári 11

201 Kópavogur

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