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.