• 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

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)

Don't miss...X
Left Right

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.
Today's headlines
Motorists in sticky drama after jam spill

Motorists in sticky drama after jam spill

Drivers in western Sweden were forced to jam on the brakes after a van shed its load of preserves and juices which led to major traffic problems. READ  

Property of the Week
In Pictures: The Local's Property of the Week
Photo: Fastighetsbyrån

In Pictures: The Local's Property of the Week

Why settle for owning a house when you can own part of the island it is located on? This week's property allows you to get your money's worth of solitude while spending some time with your closest neighbour - the sea. READ  

Saab buys Swedish submarine shipyard
File photo: TT

Saab buys Swedish submarine shipyard

Swedish defence and aeronautics group Saab said Tuesday it had completed the acquisition of German heavy industry giant ThyssenKrupp's submarine shipyard in southern Sweden. READ  

Opinion
'The Danish narrative on Sweden is based on a lie'
File photo: Shutterstock

'The Danish narrative on Sweden is based on a lie'

There is a popular narrative that in Sweden people bite their tongues while in Denmark they speak their minds; political commentator Brian Esbensen debunks this, arguing that Danes simply find it easier to criticize others. READ  

Swedish cops elect not to shoot 'angry elks'

Swedish cops elect not to shoot 'angry elks'

After reports that wandering elks were scaring the public, police on the island of Frösön have decided not to open fire on the animals, but have urged locals to exercise caution instead. READ  

Swedish funds to tackle female genital mutilation
Sweden's Minister of International Development Cooperation Hillevi Engström with Foreign Minister Carl Bildt. File photo: TT

Swedish funds to tackle female genital mutilation

Sweden has earmarked 48 million kronor ($7 million) of its development aid budget to a United Nations programme to tackle female genital mutilation. READ  

Swedish leaders speak out on Gaza crisis
Photo: TT

Swedish leaders speak out on Gaza crisis

Swedish foreign minister Carl Bildt believes Israel is interested in negotiating a ceasefire with Hamas while Social Democrat leader Stefan Löfven has stood by his comment about the Israelis having a right to defend itself. READ  

New alcohol retail rules threaten micro-breweries
File photo: Systembolaget

New alcohol retail rules threaten micro-breweries

Swedish micro-breweries have reacted with concern to new distribution regulations being imposed by the state controlled alcohol monopoly Systembolaget, which they fear may put them out of business. READ  

ABB and Volvo in electric buses tie-up
Volvo hybrid bus. Photo: Volvo Buses

ABB and Volvo in electric buses tie-up

Swiss-Swedish engineering group ABB and Volvo Buses of Sweden have announced a joint project to develop a system for electric buses to recharge their batteries fast when at bus stops. READ  

'First ever' heat warning issued for Sweden
Photo: TT

'First ever' heat warning issued for Sweden

Swedish weather agency SMHI has issued its first ever warning for high temperatures with the many areas set to bask in plus 30C heat. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Gallery
People-watching Båstad
Business & Money
Sweden falls to third in global innovation index
Society
Swedish ornithologists keep webcam watch
Photo: Andreas Nordström/Image Bank Sweden
Gallery
Top ten Swedish beach hot spots
Tech
Swedish Wiki vet sets new content record
Blog updates

22 July

PROTECTING GIRLS FROM ABUSE OF THEIR RIGHTS (The Diplomatic Dispatch) »

"Today (22 July) my Prime Minister, David Cameron, and UNICEF, are hosting the world’s first #GirlSummit in London. The Summit’s aim is to mobilise domestic and international efforts to end the appalling practices of Female Genital Mutilation (FGM) and Child Early Forced Marriage (CEFM). This is a high priority for the UK government and the Prime..." READ »

 

18 July

Starting over (Around Sweden in a kayak) »

" I’ve now been off the water for almost 14 days. At first I was totally gutted being forced into a rest period, I had Stockholm in my sights and apart from the pain and discomfort in my shoulder, spirits were high and I was starting to gain some momentum. The news hit me fairly hard and..." READ »

 
 
 
Photo: Fastighetsbyrån
Lifestyle
In Pictures: The Local's Property of the Week
Photo: Finest.se
Gallery
People-watching July 15-16
Photo: Ola Ericson/Image Bank Sweden
Society
What's On in Sweden
Photo: Lisa Mikulski
National
Hope springs eternal for expat pet shop owner
Gallery
Princess Estelle steals limelight at mum's birthday
National
Swedes risk infants' lives by covering up prams
National
Swede runs for office just using Bitcoin funds
Gallery
People-watching July 11-13
National
Malmö mayor slams Danish beggar ban
National
Swedish anti-abortion midwife sues county
National
Swede's salary chopped for Facebook use
National
Northern Sweden warmest in 90 years
Gallery
'Victoria Day': Crown Princess Victoria turns 37
Politics
Mona Sahlin to fight extremism in Sweden
National
EU tells Sweden to cover up snus flavours
Society
Swede snags assassin role in Tom Cruise film
Lifestyle
Top ten ways to spend a few days in Malmö
Gallery
Swedish summer tourism highlights
Sponsored Article
Introducing... Your finances in Stockholm
Sponsored Article
Introducing... Housing in Stockholm
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

691
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
If you want to drink, that’s your business.
If you want to stop, we can help.

Learn more about English-language Alcoholics Anonymous in Sweden. No dues. No fees. Confidentiality assured.
AA-EUROPE.ORG/SWEDEN
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se