The Swedes’ debts are growing rapidly.
At the turn of the year, more than 436,000 people were registered with Kronofogden and the total debt amount now amounts to SEK 138 billion, the highest listing ever.
According to the government, the fast -loan companies stand out the current proportion of borrowers who receive claims from debt collection and Kronofogden. In order to counteract that more Swedes get stuck in the debt trap, the rules in the fast loan market will soon be tightened.
Among other things, companies that want to continue their operations will be forced to apply for a bank permit and the interest rate ceiling is reduced from 40 to 20 percentage points in addition to the current reference rate (see fact box below).
“The actions are not enough”
But the measures are not sufficient to access the over -indebtedness, Sweden’s consumers think.
– We had wanted to see an even lower interest rate ceiling. In Finland you have 15 percent and we think that is a good level, says Secretary General Johanna Hållén.
Do five percentage points make such a big difference?
– In any case, it is a way to reduce the interest rate, especially for those who take out loans without collateral.
Demands debt register
Sweden’s consumers also demand a national debt register, which gathers information about persons’ debt situation. Similar registers are already in Norway and Finland.
– A national debris, which in our opinion should be state, could make credit checks more efficient. At the same time, the supervisory authorities must also be more active so that the lenders use this debris.
Finance Minister Niklas Wykman (M) believes that many fast loan companies have not used the tools that already exist to control persons’ ability to pay.
– It has made it very tough for many people. You have been able to continue borrowing money even if you have many other debts. However, this does not mean that the door for a national or state register is closed, but we look at that, he says.
Nominal interest rate: By the nominal interest rate is meant the interest rate that the lender takes out for the loan. It is the nominal interest rate you use to calculate how much you have to pay in kronor each month and year.
Effective interest rate: The effective interest rate shows the total cost of a loan, expressed as an annual interest rate as a percentage. The effective interest rate is used as a comparison price between different loans. This includes not only the interest rate but also other costs, such as set -up fees and aviation fees.
Reference rate: The reference rate is an interest rate that the Riksbank must determine in accordance with the Interest Act. The Riksbank changes the reference rate twice a year. It is currently 3 percent (valid for the period 1 January – 30 June 2025).
Fast loan: Fast loans, SMS loans, micro loans, telephone loans, internet loans or short-term credits are different names for about the same thing. Typical of fast loans is that these are quite small amounts, which should often be repaid already after 30 days. Taking a quick loan is a short -term solution that can be very expensive.
Settlement fee: The set -up fee is a one -off cost that covers the administrative work to establish a loan.
Other charges: Sometimes there are also other fees on the loan that you pay every month. For example, the aviation fee.
Source: Consumer.se and the Riksbank