• Sweden edition
 

Swedes reach new peak in mountains of debt

Published: 29 Dec 2009 10:24 GMT+01:00
Updated: 29 Dec 2009 10:24 GMT+01:00

Swedes are further in the red with the national debt collection agency (Kronofogden) than ever before, with accumulated debts currently totalling 64 billion kronor ($9 billion).

Total debt has risen by 9 percent since the same period last year, though the number of people in debt has dropped somewhat from 363,558 to 359,961, according to a review by credit firm Soliditet.

Kronofogden's creditors owed a median amount of almost 40,000 kronor, up 7 percent on the previous year.

Figures show that women are becoming indebted at a faster rate than men, according to Soliditet, which also notes that increasing numbers of people over the age of 60 are finding themselves in debt.

The number of people in debt is rising quickest in Kronoberg and Blekinge counties, while Västernorrland and Jämtland have both seen a reduction in the ranks of the indebted.

TT/The Local (news@thelocal.se)

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Your comments about this article

11:46 December 29, 2009 by Hagen
Too many Immigrants causes too much money in social security being paid out which means higher taxes for those working, so they borrow money.

Who ends up happy ? Immigrants of course, they have no responsibilities and no need to get into debt because you have a government that would Bankrupt itself just to continue payments to new arrivals !
11:59 December 29, 2009 by Thebinary1
That does not mean you are anti-immigration is it?
12:00 December 29, 2009 by miau
@Hagen Don't you think you're posting your drivel on the wrong web site? Yet another penetrating analysis on The Local's comments board. The same statistics can be seen in every country nowadays.
15:38 December 29, 2009 by simepal
@Hagen.Your posting shows just how much you misunderstood this article.

Let me bring the following to your attention:

1)The article says "Swedes" referring to individuals owing the state institutions and NOT "Sweden" as a Nation.

2) If the article had referred to SWEDEN getting into much debts as a Nation then your Immigrant Conspiracy Theory migthave had some little weight, but FORTUNATELY it says SWEDES, referring to you and many of your kind who borrow and never pay back even if you know you dont have the means to pay.

So next time you accuse Immigrants for the debts Swedes owe the institutions ask yourself if those Swedes borrowed the money to make free gifts to immigrants.
10:25 December 30, 2009 by Weekend_warrior
I think what Mr. Hagen was trying to refer to is the misuse and disproportionate amount of socialized funds to refugees, which has resulted in Swedes needing to seek alternative sources (debt) to fund their lifestyle.

I personally would contribute this more to the recession and a rising unemployment level. The article did state that the number of people in debt has dropped. While I am too lazy, I would bet we could find historical data to support such a claim.

While I am a fan of Sweden's immigration policy, but against their once lax policy to asylum seekers, I do not believe there are enough of them taking the cake at the moment to have any real impact on the nations annual budget and overall debt....but I am merely speculating here.
19:45 January 1, 2010 by simepal
@hagen@weekend_warrior

If I earn X kronors monthly and the Government continues funding refugees using Y funds to sponsor its social program, why should that affect my lifestyle? Does seeting aside Y funds for refugees affect my salary X so much as to cause me to seek ALTERNATIVE sources (borrowing) to fund my lifestyle? This assessment doesnt make sense.

When people want to live above their incomes without any savings to defray the costs of their excessive tastes, then borrowing becomes the alternative resource. The lesson here is that Swedes will borrow to satisfy their wanton pleasures and for this to happen it doesnt require any Government action..what it requires is GREED , LOFTY eyes and an insatiable quest for every new electronic appliances and applications in the market.

I am against the policy towards asylum seekers that makes them consumers and not contributors to the Swedish Economy. I dont understand why policy makers with a brain will accept that Sweden trains highly qualified students, makes them professionals and then kicks them out in favor of some unproductive group for whom they provide free housing and pocket money year without end.

Maybe Hagen should be asking his law makers why they prefer such policies instead of blaming the beneficiaries of such stupid policies.
08:34 January 2, 2010 by Rick Methven
Lets put a little perspective on this "massive" amount.

64 billion kronor ($9 billion) works out to 7,100 kr per capita. the average personal (non-mortgage) debt in the UK is £3,300 per head - 38,500 kr So the level of personal debt is 5 times higher in the UK than in Sweden.

Swedes traditionally never borrowed money, they tried to live within their means and this is still basically the mentality that prevails. Credit card usage is still much lower than in countries like the UK and so individual debt is still comparatively low.

This is just another example of a bad headline Which should have been

"Swedes borrow more but less than most other European countries"
02:49 January 3, 2010 by AbdulBenHassan
Bottom line, Cut up those credit cards and pay back those loans! : )
09:38 January 3, 2010 by Oskarsmamma
People live beyond their means and take out loans to fund a lifestyle they simply cannot afford.

The "must haves" i.e. latest pc, latest flat screen, home improvements (new kitchens etc) when what they have works well and doesn't need changing. New cars, foreign holidays - the list is endless that some folks think are necessary to have, so they borrow to achieve it.

Add to this the "keeping up with the Jones" symtom and debt rises.

Do we blame those for taking the loans out or do we blame the ease with which one can take out a loan - all the loan companies bombarding people with their offers of low interest no-guarantee loans - sms messages, emails etc. Maybe if we disallow these and allow only banks to loan - with their high interest rates it would deter people maybe??

Or alternatively we could just live within our means and learn to be content with what we have instead of always searching happiness thru material goods.
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