• Sweden's news in English

Swedes reach new peak in mountains of debt

TT/The Local · 29 Dec 2009, 10:24

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

Facebook Twitter Google+ reddit

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.

Story continues below…

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)

Facebook Twitter Google+ reddit

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

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
Video: How to be Joel Kinnaman for a day
Kinnaman with one of the camera rigs that will allow people inside his head. Photo: Tele2

The Swedish Hollywood actor will strap a camera to his head, stream it live and allow viewers to interact with him this weekend.

Presented by Invest Stockholm
How Stockholm's cold climate boosts creativity
Photo: Ola Ericson/imagebank.sweden.se

Do long, dark winters actually make Swedes more creative and more productive? We spoke to Stockholm startups to find out.

Meet Sweden's lonely Donald Trump voter
A Donald Trump campaign button. Photo: Rogelio V Solis/AP

The Local talks to an American Donald Trump supporter on what it is like living in progressive stronghold Sweden.

Sweden to keep record-low interest rate in 2017
Sweden's landmark negative interest rate will continue towards 2018. Photo: Anders Wiklund/TT

The Swedish central bank said that it will take longer than expected to reach its inflation target.

Presented by Stockholm University
9 unexpected programmes at Stockholm University
Photo: Niklas Björling

Did you know Stockholm University offers 75 master's programmes taught in English? And some of them are programmes you won't find anywhere else...

Creepy clown messes with the wrong dog walker in Sweden
Not the clown in the story. Photo: Pontus Lundahl/TT

A dog helped its owner fight off a creepy clown chasing the pair in southern Sweden.

A million Swedes are digitally excluded: report
How should Sweden bridge the digital divide? Photo: Henrik Montgomery/TT

Tech-savvy Swedes? Perhaps not. A new study suggests that at least a million of its residents feel the pain of the digital divide.

Malmö's 19th Swedish title sets Champions hopes alight
Malmö fans celebrating after the match. Photo: Björn Lindgren/TT

Malmö FF have their eyes set on the Champions League after winning the Swedish league for the 19th time.

What's on in Sweden
Five great autumn events in Sweden this week
Jazz in northern Sweden. Photo: Umeå Jazz Festival

Food, music, movies and more food. What better way of helping yourself forget that the days are getting shorter and colder?

Here's how slow Sweden's high-speed trains are getting
A Swedish SJX2000 high speed train. Photo: Tomas Oneborg/SvD/TT

The high-speed rail journey between the three biggest Swedish cities is about to get longer.

Sponsored Article
One expat's strategy for making friends in Stockholm
People-watching: October 26th
Sponsored Article
Nordic fashion in focus at Stockholm University
Sweden cuts 2016 refugee forecast
Is Game of Thrones coming to Sweden?
Blog updates

6 October

10 useful hjälpverb (The Swedish Teacher) »

"Hej! I think the so-called “hjalpverb” (auxiliary verbs in English) are a good way to get…" READ »


8 July

Editor’s blog, July 8th (The Local Sweden) »

"Hej readers, It has, as always, been a bizarre, serious and hilarious week in Sweden. You…" READ »

Sponsored Article
Stockholm: creating solutions to global challenges
Property of the week: Kungsholmen, Stockholm
Sponsored Article
Last chance to vote absentee in the US elections
Will Swedes soon be looking for fairtrade porn?
The Local Voices
'I simply don’t believe in nationality'
Why we're convinced Game of Thrones is based on Sweden
Sponsored Article
This is Malmö: Football capital of Sweden
People-watching: October 21st-23rd
Sponsored Article
Where is the Swedish music industry heading?
Fury at plans that 'threaten the IB's survival' in Sweden
Analysis & Opinion
Are we just going to let half the country die?
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Angry elk chases Swede up a lamp post
Sponsored Article
Swedish for programmers: 'It changed my life'
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
People-watching: October 20th
Sponsored Article
Top 7 tips to help you learn Swedish
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Swede punches clown that scared his grandmother
Sponsored Article
Stockholm: creating solutions to global challenges
Fans throw flares and enter pitch in Swedish football riot
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
Where is the Swedish music industry heading?
Swedish school to build gender neutral changing room
Sponsored Article
One expat's strategy for making friends in Stockholm
People-watching: October 14th-16th
Sponsored Article
Nordic fashion in focus at Stockholm University
Man in Sweden assaulted by clowns with broken bottle
Nobel Prize 2016: Literature
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Record numbers emigrating from Sweden
People-watching: October 12th
The Local Voices
'Swedish startups should embrace newcomers' talents - there's nothing to fear'
How far right are the Sweden Democrats?
The Local Voices
Syria's White Helmets: The Nobel Peace Prize would have meant a lot, but pulling a child from rubble is the greatest reward
jobs available